Tech Layoff Wave: Intel, Cisco, Dell, Apple and More Cut Jobs in 2024

What do Intel, Cisco, Apple, IBM, Dell, and ShareChat have in common? First, all of them are tech companies. Second, it’s something none of us want to hear – layoffs.

In August 2024 alone, over 27,000 employees from these tech giants lost their jobs, marking one of the most challenging months for the IT sector this year.

Despite promising results in the June quarter, behind the scenes, these companies were making tough decisions to slash costs – and that meant cutting jobs. Let’s break down what’s happening.

Intel led the pack with a massive 15,000 layoffs, a staggering 15% of their entire workforce. Their CEO, Pat Gelsinger, revealed that Intel is in one of the most challenging periods in its history, with revenues dropping by over $24 billion between 2020 and 2023. To turn things around, Intel aims to cut $10 billion in spending by 2025.

Next up is Cisco, which laid off 6,000 employees, or 7% of its global workforce. As the company pivots from networking to AI and cybersecurity, it’s clear that shifts in strategy come with sacrifices. Cisco’s CEO, Chuck Robbins, remains optimistic about the future – especially as demand for networking equipment is expected to rebound.

IBM, a tech giant with deep roots in China, also made the tough call to let go of 1,000 employees after halting research and operations in the country. With difficulties expanding and declining hardware demand, IBM is making significant adjustments.

Even the tech behemoth Apple wasn’t immune, with 100 employees laid off from its Apple Books app and Bookstore teams. And there’s more: 600 more staff were cut from its Special Projects Group as Apple realigns its focus.

Then there’s Dell, which announced 12,500 layoffs as the company moves towards AI and streamlined management. A major 10% reduction in the workforce, but Dell executives say it's all part of positioning for the future.

It’s not just the big names. GoPro cut 15% of its staff, Brave let go of 27 employees, and ShareChat slashed 5% of its workforce. The wave of layoffs is widespread, hitting big corporations and startups alike.

It’s a tough time for the tech industry, and these layoffs are just part of the larger transition to AI and more cost-efficient strategies. What’s next for the employees and the companies themselves? Only time will tell, but one thing’s for sure – the tech world is evolving rapidly.

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