Layoffs Bloodbath In Big Tech Impacts 150,000 Jobs In 2024 As Industry Suffers: Report

These layoffs are taking place as firms try to adapt to evolving economic conditions, and restructure their organisations to trim costs and manage the changing demands in the market

The tech industry in 2024 has undergone a major wave of layoffs, with big players in the sector trimming their workforces to streamline their operations. About 150,000 employees have lost their jobs across major firms such as Tesla, Cisco, Microsoft, SAP, and Intel, a report by The Times of India revealed.

These layoffs are taking place as firms try to adapt to evolving economic conditions, and restructure their organisations to trim costs and manage the changing demands in the market, reported Business Standard. These are some of the major job cuts announced in the year so far.

Intel

The tech giant announced that it will trim its workforce by more than 15 per cent or 15,000 jobs to save $10 billion by 2025. After clocking major losses, the chipmaker said that it is cutting down its expenses in the R&D, capital expenditure, and marketing department to improve its financial standing as it tries to navigate an increasingly competitive market. 

Tesla

Tesla has been undergoing aggressive job cuts and has slashed its workforce by more than 20,000 employees across departments. CEO Elon Musk has issued the directive ‘to be absolutely hard core’ in terms of layoffs in both junior and senior executive roles. 

Cisco

The networking firm let go of nearly 10,000 employees in two layoff rounds in the year. In February, the company slashed jobs by 5 per cent, and another 7 per cent in the latter half of the year.

SAP

In a restructuring process, the firm cut down jobs for almost 8,000 individuals, reducing the workforce by roughly 7 per cent. To streamline operations, the company has decided to go for job changes or buyouts.

Uber

The ridesharing firm has been trying to navigate the aftermath of the Covid-19 pandemic and to curb reduced demand in the sector has let go of 6,700 employees. Additionally, the new-age tech firm has also closed offices and wrapped up certain business units like self-driving labs to streamline operations.

Microsoft

The tech giant let go of 2,500 employees across its gaming division including Activision Blizzard, ZeniMax, and Xbox. These workforce reductions were executed in senior levels also in order to cut costs.

Byju's

The edtech start-up has been trying to manage its financial crisis for a long time now. In a desperate attempt to restructure, the firm let go of about 5 per cent of its or 2,500 employees to adjust to the changing market.