Tech firms laid off 124,000 employees worldwide in first 7 months of 2024
08/20/2024 / By Olivia Cook
The tech industry has seen a continued wave of layoffs throughout July, with more than 8,000 professionals losing their jobs across 34 companies. This brings the current year’s total layoffs to over 124,000 employees from 384 companies worldwide, according to the Times of India.
Intel to cut 15,000 jobs
Chipmaker Intel is set to reduce its workforce by over 15,000 jobs, which is more than 15 percent of its total employees, as part of a $10 billion cost-saving strategy targeting 2025, reported the Sun. CEO Pat Gelsinger explained that the cuts are due to challenges in capitalizing on artificial intelligence (AI) trends and underwhelming revenue growth. The majority of these layoffs are expected to be completed by the end of 2024 – with voluntary departure or retirement options available for eligible employees. (Related: Intel HALTS construction of $25B computer chip plant in Israel due to lack of supplies stemming from Red Sea blockade.)
Microsoft reduces workforce by over 1,000 staff
Microsoft, a major player in global cloud services, software and hardware for computers, gaming and mobile devices, has embarked on a new phase of layoffs, focusing on product and project management positions to refine its workforce structure. The exact number of job cuts in these roles is still unknown, as reported by Spice Works. In June, Microsoft quietly reduced its staff by about 1,000 employees within its Azure “moonshots” and mixed reality units to streamline its operations. In January, the company cut 2,000 jobs in its gaming division, a few months after completing the acquisition of the video game company Activision Blizzard. (Related: Microsoft to cut 10,000 jobs in latest Big Tech layoffs.)
UKG lays off 2,200 employees
Massachusetts-based American multinational software company Ultimate Kronas Group (UKG) has revealed plans to downsize its workforce by 14 percent – resulting in approximately 2,200 job cuts from around 15,890 employees in June, according to HR Katha. The company explained that this move is intended to concentrate on key growth areas to align with its long-term strategic goals. A year ago, UKG reduced its global workforce by 1.7 percent, impacting 265 employees.
Intuit to cut 1,800 jobs
California-based Intuit, Inc., known for its financial software like QuickBooks and TurboTax, has announced plans to reduce its workforce by 1,800 employees, or about 10 percent, to prioritize integrating artificial intelligence (AI) into its products and services. According to CEO Sasan Goodarzi, the company anticipates hiring at least as many employees in fiscal year 2025 and beyond as it ramps up investments in generative AI and expands into new markets, such as Australia, Canada and the United Kingdom.
Dyson to reduce U.K. workforce by 1,000
Dyson, known for its cutting-edge vacuum cleaners and various other products, plans to eliminate approximately 1,000 positions from its U.K. staff of 3,500 – impacting nearly 29 percent of its workforce. CEO Hanno Kirner attributed these layoffs to fierce competition and swift technological advancements. While Dyson employs around 15,000 people worldwide, the company has yet to reveal the overall number of global job cuts as it continues to evaluate the situation in each region.
Kaspersky to cease operations in the U.S.
Russian cybersecurity firm Kaspersky will discontinue its U.S. operations and terminate all employees there in response to a U.S. government ban on its software over security concerns. Starting July 20, the company began phasing out its activities that affected fewer than 50 employees in the region.
Koo closes operations
Koo, designed to compete with X, and available in more than 10 languages with approximately 10 million users, is reportedly ceasing operations after failed acquisition negotiations with potential buyers like DailyHunt (formerly NewsHunt), a Bangalore-based content and news aggregator. As of September 2021, Koo employed around 200 people.
Unacademy cuts 250 jobs
Unacademy, India’s largest education technology startup, is cutting around 250 jobs across multiple departments. The restructuring effort will impact 100 employees in business, marketing and product roles along with 150 in sales. According to the Times of India, this marks the company’s third wave of layoffs. Previously, it reduced its workforce by about 12 percent, laying off around 280 employees in April 2022 and March 2023.
WayCool Foods lays off 200 employees
Chennai-based agri-tech startup WayCool Foods, specializing in agriculture supply chains and branded farm and food products, has laid off over 200 employees, marking its third round of layoffs within a year. The company stated that these job cuts are part of its strategy to achieve profitability in response to ongoing funding challenges.
PocketFM terminates contracts of 200 writers
Bengaluru-based audio streaming platform PocketFM has terminated the contracts of almost 200 writers from the U.S. to better align its resources with its current show lineup. A source informed Inc42 that this does not constitute a layoff since the writers were not full-time employees but on short-term contracts.
Bungie to cut 220 jobs
Sony-owned game development studio Bungie, renowned for creating iconic video games, such as Destiny, Halo, Myth and Marathon, is set to cut 220 positions, impacting various levels of the company, including numerous executive and senior leadership roles. This reduction accounts for 17 percent of Bungie’s workforce, which totals around 1,300 employees and is driven by economic challenges and escalating development costs. This decision follows a previous round of layoffs in October 2023 – where 100 jobs were cut – leading to an overall 40 percent reduction in the workforce over the past year.
Humble Games lays off entire staff
Humble Games, an independent video game publisher based in San Francisco and owned by media conglomerate Ziff Davies, has dismissed all 36 of its employees. The company cited “difficult economic conditions” in the indie game sector as the reason for this decision and explained that it is part of a necessary operational restructuring. The company’s restructuring does not impact any of its existing titles, according to a statement shared on X.
Watch this video about how the 2024 tech layoffs impact the tech job market and product manager interviews.
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More related stories:
Layoff saga continues as 12 more companies announce mass employment terminations.
Global TECH LAYOFFS in 2023 already surpass last year’s total; more job cuts still to come.
Tech layoffs nearing levels not seen since the Great Recession.
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