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Tech giants like Intel, Cisco, IBM, and Apple slashed over 27,000 jobs in August 2024 alone. Intel led with 15,000 layoffs, while companies like Dell, GoPro, and ShareChat also faced workforce reductions. The shift toward AI plays a big role.

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

Tech giants like Intel, Cisco, IBM, and Apple slashed over 27,000 jobs in August 2024 alone. Intel led with 15,000 layoffs, while companies like Dell, GoPro, and ShareChat also faced workforce reductions. The shift toward AI plays a big role.

What do Intel, Cisco, Apple, IBM, Dell, and ShareChat have in common? First, all of them are tech companies. Second, it&rsquo;s something none of us want to hear &ndash; 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 &ndash; and that meant cutting jobs. Let&rsquo;s break down what&rsquo;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&rsquo;s clear that shifts in strategy come with sacrifices. Cisco&rsquo;s CEO, Chuck Robbins, remains optimistic about the future &ndash; 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&rsquo;t immune, with 100 employees laid off from its Apple Books app and Bookstore teams. And there&rsquo;s more: 600 more staff were cut from its Special Projects Group as Apple realigns its focus.
Then there&rsquo;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&rsquo;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&rsquo;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&rsquo;s next for the employees and the companies themselves? Only time will tell, but one thing&rsquo;s for sure &ndash; the tech world is evolving rapidly.
Stay tuned for more updates on the tech industry. Don't forget to like, share, and subscribe to Business Hook for the latest in digital business news.

This trend of layoffs is not isolated to Microsoft; other major tech firms, including Salesforce and Amazon, have also announced significant job cuts in 2024, reflecting widespread reductions across the tech industry

Tech layoffs 2024: Microsoft to reportedly cut 1,500 jobs

This trend of layoffs is not isolated to Microsoft; other major tech firms, including Salesforce and Amazon, have also announced significant job cuts in 2024, reflecting widespread reductions across the tech industry

Over a year after eliminating 10,000 jobs, Microsoft is reportedly laying off around 1500 employees, primarily affecting its Azure cloud and Hololens mixed reality teams.
As per the Business Insider's report, the tech giant's latest cuts will significantly impact these divisions as part of its ongoing restructuring strategy along with impacting staff involved in advanced projects such as space exploration and quantum computing.
Also read/watch - <a title="Share market opens slightly higher a day after general election results" href="https://www.editorji.com/business-news/markets/share-market-opens-slightly-higher-a-day-after-general-election-results-1717562658146">Share market opens slightly higher a day after general election results</a> Earlier this year, Microsoft also eliminated about 1,900 jobs at Xbox and Activision.
This trend of layoffs is not isolated to Microsoft; other major tech firms, including Salesforce and Amazon, have also announced significant job cuts in 2024, reflecting widespread reductions across the tech industry.

Tech Layoffs 2023: Around 1,106 tech companies have sacked 2,48,974 employees of which about 555 employees have lost their jobs every day in the last 2 years or 23 workers every hour.

Tech Layoffs 2023: About 2.5 lakh employees laid off globally in 2023 so far

In 2023 so far 1,106 tech companies have sacked 2,48,974 employees by which about 555 employees have lost their jobs every day in the last two years or 23 workers every hour

Tech Layoff 2023: About 2.5 lakh employees laid off globally in 2023 so far

<h2>In 2023 so far 1,106 tech companies have sacked 2,48,974 employees by which about 555 employees have lost their jobs every day in the last two years or 23 workers every hour</h2>

Tech Layoffs 2023: Macroeconomic challenges globally has pushed tech companies to cut down on jobs for the past two years in a massive scale. As per Layoffs.fyi data, so far in 2023 about 2.5 lakh employees have lost their jobs in the global technology and startup sector.
The data shows that 1,106 tech companies have sacked 2,48,974 employees. In comparison last year, 1,024 tech companies laid off a total of 1,54,336 employees.
<h3>Tech Layoffs 2023 - Massive Job Cut</h3>
As per Siasat Daily's analysis, on average, about 555 employees lost their jobs every day in the last two years &ndash; or 23 workers every hour. In January alone 89,554 employees were laid off.
Also Read: <a href="https://www.editorji.com/business-news/tech-titans-google-amazon-snap-and-zillow-announce-global-layoffs-signaling-industry-shift-1699856761297">Tech titans Google, Amazon, Snap, and Zillow announce global layoffs, signaling industry shift</a>
While sectors like retail tech and consumer tech saw the most number of job cuts this year, the month November has seen major layoffs in several tech and gaming companies. As per Siasat.com, more layoffs are expected in the remaining months of 2023.
<h3>Layoffs in November 2023</h3>
Ubisoft - This French gaming company which published popular franchises like Assassin&rsquo;s Creed and Far Cry, has laid off about 124 employees as part of a corporate restructuring and reorganisation effort
Snap - The parent company of Snapchat has laid off nearly 20 employees who held project management titles. The layoffs was part of a restructuring effort aimed at streamlining the social messaging company
F5&nbsp;- This US based multi-cloud application security and delivery company has reportedly laid off 120 employees this month
Viasat&nbsp;- This Global Communication company is laying off 10% of its workforce which is 800 employees.
Splunk&nbsp;- This US-based Cybersecurity company has announced to lay off 7% of its global workforce
(With inputs from The Siasat Daily)

Millions of people have lost their jobs in the last couple of months and LinkedIn is full of posts from techies looking for better opportunities

Amid layoffs wave, this Indian IT company plans to hire 6,000 professionals

Millions of people have lost their jobs in the last couple of months and LinkedIn is full of posts from techies looking for better opportunities

The tech industry, which is going through a rough time with layoffs happening at a rapid place at companies, one Indian IT company has announced its plans of hiring around 6,000 professionals in the tech space, as per a Moneycontrol report.&nbsp;
Hexaware Technologies plans on hiring around 6,000 people and has 419 job openings posted on LinkedIn. The positions open are for its offices in Noida and Mumbai. One job posting is also in the Philippines.
As of June 2023, Hexaware Technologies has a market cap of $1.74 billion. This makes Hexaware Technologies the world's 4032nd most valuable company by market cap, according to the reports.&nbsp; The Moneycontrol report also states that Hexaware isn't forcing its employees to get back to working from offices and is following a hybrid work model.&nbsp;
Meanwhile, according to a recent survey by job posting site Blind, techies are willing to accept lower salaries due to the present market conditions. However, that is not the only influence, as many tech workers are also prioritising other, non-monetary benefits like a healthy work culture and the option of working from home.

The decision to lay off employees comes after the company shut down its automotive business unit OLX Autos in a few regions

Tech layoffs 2023: OLX Group fires 800 employees; here's why

The decision to lay off employees comes after the company shut down its automotive business unit OLX Autos in a few regions

Olx group, under which the online marketplace brand OLX operates, has decided to layoffs off 800 employees globally. According to reports, the move comes after the Amsterdam-headquartered company, which is operating in over 30 countries around the world, is shutting down its automotive business unit Olx Autos in some markets.&nbsp;
Tech crunch reported that Olx Group couldn&rsquo;t find potential buyers or investors in other markets, meaning that the company has shut down Olx Auto operations in Argentina, Mexico and Colombia.
Although Olx Autos will continue to sell vehicles in these markets, the company will not be accepting any new transactions, as stated on the Olx Argentina website. As for other markets, it&rsquo;s unclear what&rsquo;s going to happen next.
Earlier this year, OLX announced that they will lay off 15 per cent of their workforce. This amounts to 1,500 employees globally in 2023 as a part of the restructuring. They attributed the move to poor macroeconomic conditions.

Report: Meta has been asking directors and vice presidents to make lists of employees that can be let go

Facebook parent Meta plans to cut thousands of jobs this week

Report: Meta has been asking directors and vice presidents to make lists of employees that can be let go

Three months after laying off 11,000 workers in what was its first-ever major layoff, Meta, the owner of Facebook and Instagram, is planning a fresh round of layoffs this week.&nbsp;
According to a report by Bloomberg, the imminent round of cuts is being driven by financial targets and is separate from the &ldquo;flattening,&rdquo;.&nbsp; Report further added that Meta has also asked directors and vice presidents to list the names of the employees that can be let go in this latest round of layoffs.
In its earlier round of cuts, Meta slashed 11,000 workers in what was its first-ever major layoff in November last year.&nbsp;

According to Zippia data, educational services in the United States shed 136,000 employees between June 2021 and June 2022

After tech, layoffs expected in the education sector, says U.S survey

After tech, layoffs in education sector is predicted

According to Zippia data, educational services in the United States shed 136,000 employees between June 2021 and June 2022

After the tech industry feels the pain of the global economic slump, top chief financial officers (CFOs) in the U.S, have warned about job cuts across the board in the education market over the next six months.&nbsp;
According to Coupa, a Cloud-based platform, in the study of 600 CFOs, 100% of CFOs in the education sector answered with &ldquo;decrease staff&rdquo; for steps they need to take in the next six to twelve months to promote growth in the case of a recession, according to Fox Business.
According to Zippia data, educational services in the United States shed 136,000 employees between June 2021 and June 2022. EdTech layoffs in India&nbsp;
Coming to India, Edtech startups in India have laid off thousands of employees in the past year. Notably, SoftBank-backed Unacademy, Tiger Global-backed Vedantu, and edtech decacorn BYJU'S&mdash;valued at $22 billion&mdash;have all downsized their workforce.
In January this year, edtech startup Unacademy also laid off 20% of employees from its subsidiary, Relevel. The layoffs come amid the ongoing funding winter due to which startups around the world are struggling to extend their runways and raise funding before going profitable.

The H-1B visa is a non-immigrant visa that allows US companies to employ foreign workers in speciality occupations that require theoretical or technical expertise.

USA: amid massive layoffs, tech entreprenuer asks Joe Biden to address H-1B issue for fired techies 

The H-1B visa is a non-immigrant visa that allows US companies to employ foreign workers in speciality occupations that require theoretical or technical expertise.

The recent massive firing of professionals in the tech industry is a nightmare for those on H-1B visas, an Indian-American technology entrepreneur and academic has said, asserting that this can be addressed if President Joe Biden issues an executive order to extend the grace period from them from 60 days to six months.
This means that once fired from a job, a foreign tech worker on H-1B visas would have six months to find a new job instead of the existing duration of 60 days, after which they have to leave the country.
&ldquo;(President) Biden could pass an executive order extending the amount of time (H-1B) people (who have lost jobs) from 60 days to six months. Let them take a break and let them have the time to find a new job. That's a very simple thing that can be done tomorrow,&rdquo; Vivek Wadhwa, Distinguished Fellow &amp; Adjunct Professor at Carnegie Mellon's School of Engineering at Silicon Valley told PTI.
The H-1B visa is a non-immigrant visa that allows US companies to employ foreign workers in speciality occupations that require theoretical or technical expertise.
Technology companies depend on it to hire tens of thousands of employees each year from countries like India and China.
Wadhwa, who is also a Distinguished Fellow at the Labor and Worklife Programme at Harvard Law School said that it is nothing but a &ldquo;nightmare&rdquo; for the people on H-1B visas who have been fired by tech companies.
According to The Washington Post, since last November more than 200,000 people have been fired by top tech companies like Google, Microsoft, Amazon, and Facebook.
&ldquo;If they don't get a job within 60 days then they have to leave the country. Imagine if you've been working for Facebook for the last 10 to 12 years and waiting for your green card, you're in line and desperately waiting...you bought a house, you're settled in here, everything is okay, Facebook is a great company and then you get laid off overnight,&rdquo; he said.
&ldquo;It&rsquo;s really a big issue for these H-1Bs. It is a lose-lose situation for everyone,&rdquo; he said. Because of the nature of H-1B, it would be difficult for them to find a new job. &ldquo;Another complication with this is that if you're a Programme Analyst when you start the process, you can't become a manager. That's a new job (in the eyes of US Citizenship and Immigration Services),&rdquo; Wadhwa said.
&ldquo;So essentially, you have to now get a job in the same role you had 12 years ago. You're stuck. Your career is stagnated. And then you could be thrown out at a moment's notice. This is ridiculous. That's you know, why put up with this when they can get equally good jobs or better jobs in India, they can sometimes get comparable salaries,&rdquo; he observed.
Wadhwa, in fact, warned the United States that this might turn the tide against them as the talented youths and techies would go back to their home country.
&ldquo;It's been a complete mess. I wrote a book about it called Exodus, which predicted that the tide will turn and people will start returning home, and it will have dozens of billion-dollar companies in India to help. That&rsquo;s exactly what happened. We have dozens of billion-dollar companies in India, and the Indian ecosystem is booming,&rdquo; he said.
Meanwhile, Indiaspora on Tuesday released a list of its member companies that have expressed interest in hiring H-1B visa holders. Prominent among them include Tredence, Cloudflare, Meylah, Women in Cloud, Clearwater Analytics, Vertex, Zipline, One Valley, Tech Mahindra, Crave, and Pubmatic.&nbsp;

What exactly is the reason behind the devastating chain of layoffs in the tech industry? We try to decode it.

What is behind the mass layoffs in the tech industry?

What exactly is the reason behind the devastating chain of layoffs in the tech industry? We try to decode it.

The past year has been a challenging one for many industries, but it is the tech sector that has been the worst hit.
According to <a href="https://layoffs.fyi/" target="_blank" rel="nofollow noopener">layoffs.fyi</a>, a total of over 1.5 lakh tech workers experienced job losses in 2022, and it seems the purge continues in 2023 as well.
Think of any major tech company, be it Meta, Google or Microsoft, all have announced significant layoffs in the recent months and weeks.
So, what&rsquo;s the deal? Why, suddenly, are all these behemoths just firing people left and right? Let&rsquo;s try to understand.
Recruiting boom during the Pandemic
During the pandemic, many tech companies saw a surge in online activity as people turned to the internet for work, entertainment, and communication. In response, these companies hired more staff to meet the increased demand.
However, as the world began to return to a more normal state and businesses started to re-open, many companies found that they have over hired with generous benefits, which is not sustainable in the long run.
The overstaffing was due to the expectation that the shift towards remote work would become permanent, however, a lot of companies found this to be unfeasible. As a result, these companies are now finding that they don't need as many employees as they had initially hired.
Additionally, as the economy has been affected by the pandemic, companies are now facing a softening of advertising revenue, as well as a potential recession, which has led many tech firms to cut back on spending, resulting in layoffs.
Potential recession
For months, numerous high-profile figures like Coinbase CEO Brian Armstrong, Elon Musk, Mark Zuckerberg, and Jeff Bezos have suggested that the United States may be on the verge of an economic recession.
In the time of an economic slowdown, companies can struggle to secure funding, or to generate revenue, and layoffs can be a sign of deeper issues.
Of course, when it comes to layoffs, the impact can vary greatly depending on the size of the company. For large companies, layoffs may be a strategic move to keep shareholders happy and maintain a healthy bottom line.&nbsp;
These companies often have the resources and financial stability to weather economic downturns, and layoffs may be seen as a necessary step to ensure long-term success.
On the other hand, smaller startups or growth companies may be facing more fundamental challenges. These companies may not have the same financial cushion as larger companies and layoffs can have a much greater impact on their operations and overall survival.
Contagious
Now this is an interesting one. Jeffrey Pfeffer, a Stanford Graduate School of Business professor, <a href="https://news.stanford.edu/2022/12/05/explains-recent-tech-layoffs-worried/" target="_blank" rel="nofollow noopener">explains</a> that industry layoffs are contagious and, very often, not exactly evidence-based. This means that companies often imitate what others are doing.&nbsp;
So, if a few major companies in a sector announce large-scale layoffs, the trend is likely to spread, like we&rsquo;re seeing in the tech industry right now.
Pfeffer supports his argument by giving an example from 2001, when after the 9/11 attacks in the USA, every airline except Southwest Airlines laid off employees.&nbsp;
Southwest Airlines, as a result, gained market share by not doing layoffs.
Even though there are various causes for the chain of mass layoffs in an industry - &nbsp;covid miscalculations, an imminent recession, and copycat behaviour appear to be the primary culprits in the current scenario.
As it turns out, economists predict that 2023 will be characterised by a modest recession and decelerating growth. This may result in companies decreasing their rate of employee additions.
So, if 2022 was bad, the new year doesn't look much better.
Also watch: <a href="https://www.editorji.com/tech-news/gadget-review/lenovo-yoga-slim-7-carbon-review-the-lightweight-wonder-1674201001518">Lenovo Yoga Slim 7 Carbon review: The lightweight wonder</a>

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