Tech Industry Faces 8,000 Layoffs in July 2024 alone, number reaches to 1,24,517 this year

In a significant and troubling trend, the tech industry experienced a surge in layoffs in July 2024, with over 8,000 jobs lost across 34 firms. This brings the total number of layoffs for the year to a staggering 124,517 from 384 companies worldwide.

Intel to Cut 15,000 Jobs

One of the most notable announcements came from Intel, which is set to cut over 15,000 jobs, representing more than 15% of its workforce. This move is part of a $10 billion cost-reduction strategy aimed at 2025. CEO Pat Gelsinger attributed the layoffs to disappointing revenue growth and challenges in effectively leveraging AI trends. Most of these layoffs will occur by the end of 2024, with options for voluntary retirement or departure offered to eligible employees.

Microsoft Layoffs: Over 1,000 Jobs Lost

In June, Microsoft reduced its workforce by around 1,000 employees in the mixed reality and Azure ‘moonshots’ divisions. Although Microsoft has not officially confirmed this, affected employees reported that the layoffs mainly involved positions related to product and product management.

UKG Reduces Workforce by 2,200

UKG, a software firm based in Massachusetts, announced significant job cuts this month, reducing its workforce by 14%, or about 2,200 employees. The company stated that this reduction aims to focus on key growth areas to support its long-term strategic goals.

Intuit to Cut 1,800 Jobs

Intuit Inc, a California-based financial management software company, revealed plans to cut 1,800 positions, about 10% of its workforce. This represents the second-largest layoff in the tech industry for July.

Dyson to Lay Off 1,000 Employees in the UK

Dyson, the UK-based appliance maker, will reduce its workforce by around 1,000 positions in the UK, impacting over 25% of its domestic staff. CEO Hanno Kirner attributed the decision to intense competition and rapid technological advancements. Dyson, which has a global workforce of about 15,000, pledged assistance for those affected but has not disclosed the total number of global layoffs as assessments continue.

Kaspersky to Terminate All US Employees

Russian cybersecurity firm Kaspersky will cease US operations and terminate employees following a US government ban on its software, effective July 20, 2024. The ban, due to security concerns about the company’s Russian base, renders Kaspersky’s US operations “no longer viable,” impacting fewer than 50 employees.

Koo Shuts Down Operations

Indian microblogging platform Koo has ceased operations after acquisition negotiations with Dailyhunt collapsed. The company had around 200 employees as of September 2021.

Unacademy Lays Off 250 Employees

Indian edtech leader Unacademy announced layoffs impacting about 250 employees, including 100 from marketing, business, and product roles, and 150 from sales positions.

WayCool Cuts 200 Jobs

Chennai’s agritech company WayCool has laid off more than 200 employees, marking its third round of layoffs this year. The job cuts aim to streamline operations and mitigate financial losses amid ongoing funding challenges.

PocketFM Lays Off 200 Writers

Bengaluru-based audio series platform PocketFM reportedly let go of nearly 200 writers, mostly affecting its US team.

Bungie Cuts 220 Jobs

Bungie, a game development studio owned by Sony, announced a major workforce reduction, eliminating 220 positions, or 17% of its staff, due to rising development costs and economic challenges. This follows an earlier reduction of 100 jobs in October 2023, totaling a 40% workforce cut over the past year.

Humble Games Dismisses Entire Staff

Indie game publisher Humble Games, a division of Ziff Davis, dismissed its entire workforce of 36 employees. Despite rumors of shutting down, the company confirmed it would remain operational after releasing nearly 50 indie titles.

The alarming trend of tech layoffs highlights the industry’s ongoing struggles with economic challenges, competitive pressures, and rapid technological changes. The impact of these layoffs is felt across the globe, signaling a period of significant transformation and uncertainty in the tech sector.