Tech Industry Faces Continued Layoffs in 2024: Over 124,000 Jobs Cut as of August

The tech industry’s hope for relief from job cuts in 2024 has not materialized, as layoffs continue to surge. According to Layoffs.fyi, over 124,000 tech workers have been let go by August 20, 2024, bringing the total number of layoffs since 2022 to 428,449. The persistent wave of job losses is attributed to several factors, including cost-cutting measures, a global economic downturn, over-expansion during the pandemic, and the need to invest in the rapidly growing field of artificial intelligence (AI).

Microsoft

In January, Microsoft reduced its workforce by 2,000 employees from its gaming division, shortly after acquiring Activision Blizzard. A second wave of layoffs in June impacted around 1,000 positions in the Azure cloud business and the HoloLens mixed reality segment. By July, further cuts were announced in product and program management roles, affecting employees worldwide, though the exact number was not specified.

Google

Alphabet, Google’s parent company, let go of 630 workers across various units, including Voice Assistant, hardware teams, and AR teams. CEO Sundar Pichai stated that the layoffs were intended to “simplify execution and drive velocity.” Additionally, on April 25, Alphabet cut at least 200 employees from its core teams, including four vice presidents and 25 directors.

Apple

In May, Apple announced it would lay off 614 workers in California, following the shutdown of a long-term electric vehicle (EV) project.

Amazon

Amazon began the year with layoffs across its streaming platform Prime Video and the livestreaming site Twitch. In April, the company cut hundreds of positions in its cloud computing business (AWS) and physical stores technology. Mid-May saw over 100 customer service managers in Level 5 and Level 6 positions in the U.S. and India being let go.

Tesla

In April, CEO Elon Musk revealed that Tesla would cut more than 10% of its global workforce, impacting approximately 14,000 employees. Internal documents indicated that the actual reduction might be closer to 14% of the workforce.

Dell

Dell made cuts in its sales and marketing divisions as part of a pivot towards AI. Reports suggest that the company might reduce its workforce by about 12,500 employees, roughly 10% of its 120,000-strong workforce.

Intel

Intel announced it would lay off 15,000 employees, representing 15% of its workforce, in early August. The company is struggling to compete with rivals like Nvidia and AMD in the AI sector.

IBM

IBM has reportedly cut jobs in its marketing and communications teams, though the exact number has not been disclosed. The company’s CFO indicated that IBM would spend around $400 million on workforce reductions this year, similar to the previous year.

Cisco

Cisco initially planned to cut 5% of its workforce, impacting over 4,000 employees, in February. By August, the company announced a second round of layoffs, increasing the total cuts to 7% or more than 6,000 employees.

SAP

German software company SAP announced in January that it would restructure nearly 8,000 roles due to AI-driven efficiencies, mostly through voluntary leave and re-skilling programs.

Salesforce

Salesforce laid off 700 employees, or about 1% of its workforce, in January. A subsequent round of layoffs in the following months affected 300 more employees. Last year, Salesforce had already cut 8,000 workers, representing 10% of its staff.

Cohere

AI startup Cohere laid off approximately 20 employees, or nearly 5% of its workforce, just after raising $500 million at a $5 billion valuation.

Stability AI

In July, Stability AI, an open-source GenAI startup, announced a 10% reduction in its workforce following the departure of its former CEO, Emad Mostaque.

TikTok

TikTok eliminated around 60 jobs in sales and advertising across its U.S. offices. In May, the company planned to cut significant portions of its operations and marketing teams, with estimates suggesting that most of the 1,000 employees in these areas might be affected. Its parent company, ByteDance, also cut about 450 jobs from its Indonesian e-commerce division in June.

YouTube

YouTube will cut 100 employees as part of a restructuring of its creator management and operations teams.

Snap

Snap Inc., the parent company of Snapchat, announced plans to reduce its workforce by 10%, impacting around 500 employees, in February.

Match Group

Match Group, the parent company of Tinder, said it would cut 6% of its workforce in July.

Bumble

In February, Bumble laid off about 350 employees, representing 30% of its workforce.

PayPal

In late January, PayPal began a restructuring program that included laying off 2,500 employees, or 9% of its global workforce.

Swiggy

Bengaluru-based food delivery startup Swiggy is reportedly cutting 400 jobs, or about 7% of its workforce, ahead of its upcoming IPO.

Unacademy

Unacademy announced in July that it would lay off around 250 employees following the reopening of schools across India after the pandemic lockdowns.

Byju’s

Byju’s has cut at least 10,000 employees in the past two years. In April, the company fired between 100 and 500 employees as part of its ongoing restructuring efforts.

Ola

In June, the EV company Ola announced it would lay off between 400 and 500 employees as it aims for profitability ahead of its IPO.

Koo

The Indian social media startup Koo ceased paying salaries in April and stopped operations, having already reduced its workforce by 30% last year.

Paytm

In June, fintech company Paytm confirmed layoffs following the Reserve Bank of India’s ban on its Payments Bank, which exacerbated the company’s financial losses.

Twitch

Twitch laid off 500 employees, or 35% of its staff, in January, as part of a broader reduction of 50% from its workforce a year ago.

Discord

Discord announced in January that it would cut 17% of its staff, affecting 170 employees, as part of a strategy to refocus and streamline operations.