Tech Layoffs: IT Industry Fires Over 100,000 Employees Till July 2024

Tech Layoffs 2024: This recent wave of job losses has significantly contributed to the year's overall layoff statistics. As of now, the cumulative number of layoffs for the year has reached 1,24,517

The technology sector experienced a continued wave of layoffs in July 2024, resulting in the elimination of more than 8,000 positions across 34 technology companies. This recent wave of job losses has significantly contributed to the year's overall layoff statistics. As of now, the cumulative number of layoffs for the year has reached 124,517, impacting employees from 384 different companies worldwide, according to a layoff tracking website, layoffs.fyi.

Intel To Lay Off 15,000 Employees

Intel plans to cut more than 15,000 jobs, representing over 15 per cent of its global workforce, as part of a $10 billion cost-reduction strategy to achieve savings by 2025. CEO Pat Gelsinger cited disappointing revenue growth and challenges in capitalising on AI trends as the primary reasons for these cuts. The majority of the layoffs are expected to be completed by the end of 2024, with affected employees being offered options for voluntary retirement or departure.

UKG To Lay Off 2,200 Employees

UKG has revealed plans to reduce its workforce by 14 per cent to approximately 2,200 employees. With a previous headcount of 15,882, UKG stated that this significant reduction is intended to help the company focus on key growth areas and advance its long-term strategic objectives.

Microsoft Laid Off Over 1,000 Employees

In June, Microsoft announced that it would lay off around 1,000 employees in its mixed reality and Azure ‘moonshots’ divisions. Although Microsoft has not officially confirmed these layoffs, impacted staff have reported that the job cuts primarily affected roles related to product and product management.

Intuit To Lay Off 1,800 Employees

Intuit, the California-based financial management software company, has announced plans to cut 1,800 jobs, accounting for approximately 10 per cent of its workforce. This layoff is the second-largest reduction in the tech industry for July.

Dyson To Lay Off 1,000 Employees

Dyson, the UK-based appliance manufacturer, announced its plans to reduce its workforce by approximately 1,000 positions in the UK, representing over 25 per cent of its domestic staff. CEO Hanno Kirner cited intense competition and rapid technological advancements as reasons for the decision. 

Kaspersky To Lay Off All Employees In US

Russian cybersecurity firm Kaspersky has announced it will halt operations in the US and lay off its employees there, effective July 20, 2024, in response to a US government ban on its software. The ban, due to security concerns related to Kaspersky’s Russian origins, has rendered its US operations "no longer viable." As a result, the company will gradually wind down its activities, affecting fewer than 50 employees in the region.

Koo Shuts Down Operations

Indian microblogging platform Koo has ceased operations following the breakdown of acquisition talks with Dailyhunt. As of September 2021, the company employed approximately 200 staff members.

Unacademy Lays off About 250 Employees

Indian edtech firm Unacademy announced a new round of layoffs affecting about 250 employees. The restructuring will result in the departure of 100 employees from marketing, business, and product roles and 150 from sales positions.

WayCool Lays Off 200 Employees

Chennai-based agritech company WayCool has recently laid off more than 200 employees, marking its third round of layoffs this year. The company attributed the job cuts to efforts to streamline operations and address financial losses amid ongoing funding challenges.

PocketFM Cuts 200 Jobs

PocketFM, an audio series platform based in Bengaluru, has reportedly let go of nearly 200 writers, primarily affecting its team in the US.

Bungie Lays Off 220 Job Cuts

Bungie, the game development studio owned by Sony, has announced a major workforce reduction, eliminating 220 positions, which constitute 17 per cent of its staff. This move, driven by rising development costs and economic challenges, follows a previous reduction of 100 jobs in October 2023.

Humble Games Lays Off Entire Staff

Indie game publisher Humble Games, a division of Ziff Davis, has terminated its entire staff of 36 employees. Despite having released nearly 50 indie titles, the company initially faced rumours of shutting down but later confirmed it would remain operational.