After the increased workforce reductions in previous years, the layoffs 2024 show no signs of slowing down. According to the independent layoffs tracker, Layoffs.fyi, more than 130,000 jobs have been cut across 398 companies. Unfortunately, we’re only halfway through the year, and the latest layoff news suggests that more rounds of layoffs are expected from companies worldwide.
Cisco layoffs, Intel layoffs, and Microsoft layoffs are among the major events that are contributing to the ongoing wave of tech layoffs in 2024. Other companies like Amazon, Google, and Tesla have also conducted significant layoffs during the first months of 2024.
Below, you will find a list of the known number of employees laid off per month, according to the latest layoff news:
- January 2024 – 34,107 employees laid off, including PayPal and SAP layoffs
- February 2024 – 15,639 employees laid off, including Cisco layoffs
- March 2024 – 7,403 employees laid off, including Dell layoffs
- April 2024 – 22,423 employees laid off, including Tesla layoffs
- May 2024 – 11,011 employees laid off, including Toshiba and TikTok layoffs
- June 2024 – 10,083 employees laid off, including Microsoft layoffs
- July 2024 – 9,051 employees laid off, including Intuit and UKG layoffs
- August 2024 – 22,765 employees laid off, including Intel layoffs and Cisco layoffs
The major companies have explained that this move is part of their strategy to shift their focus towards growth areas, such as artificial intelligence and automation, to increase revenue. For example, the Intel layoffs 2024 are part of an attempt to cut about $10 billion from its spending by the end of 2025.
By mid-August 2024, the tech industry saw more than 22,000 job cuts. Tech layoffs ranged from smaller companies like Formlabs, affecting 40 employees, to businesses like Mobius, Tally, and READY Robotics, which have reportedly stopped their operations. Even larger corporations, like Dell, are undergoing layoffs as they aim to become “leaner”, according to an internal memo. As of now, the number of employees laid off is still unknown.
However, the most significant layoffs of 2024 so far come from Cisco layoffs, which has recently conducted the second round of job cuts this year, eliminating thousands of positions. This is after the first wave of layoffs 2024, which happened in February and saw 4,000 employees impacted by this trend.
At the same time, Intel layoffs 2024 have added to the growing number of job cuts in the tech industry. The company has reduced its workforce by 15,000 employees, representing 15% of its total staff. Pat Gelsinger, the CEO of Intel, has stated, “Our revenues have not grown as expected — and we’ve yet to fully benefit from powerful trends, like AI”.
Unfortunately, the tech layoffs trend is only growing more each month and shows no signs of slowing down. By the end of 2024, layoffs news predicts that this number will double, affecting all types of businesses – from startups to big corporations.
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