During the first half of 2024, a significant wave of Tech layoffs affected over 98,000 employees across more than 330 companies worldwide. This information comes from Layoffs.fyi, a platform that tracks job cuts in the tech sector. The platform reported 98,834 individuals losing their jobs during this period.
Prominent tech giants such as Apple, Google, Microsoft, and Meta were among the 333 companies that implemented these layoffs. Tech Layoffs 2024 highlights a challenging period for the tech industry, where many companies had to make tough decisions amid changing market conditions and strategic shifts. The tech industry’s workforce is still affected by economic uncertainties. In May, 39 companies let go of 9,742 employees, according to layoffs.fyi.
Layoffs at Tech Giants in 2024
Google and Microsoft Layoffs 2024
Microsoft and Google recently laid off a significant number of employees. Google cut nearly 200 people from its main teams in Sunnyvale, California, mostly engineers. This is part of Alphabet’s plan to reduce its workforce by 6%.
Microsoft also made big cuts, letting go of over 1,000 employees. They were from divisions like Azure Cloud and mixed reality, focusing on cloud software and server rentals for telecom and space companies. After buying Activision Blizzard, Microsoft cut 1,900 jobs in gaming and saw many executives leave.
Indeed’s Layoffs
Indeed, a job-search platform laid off about 8% of its workforce in May 2024, mostly in the United States. This was the company’s second round of layoffs, which affected research, development, and customer product teams.
Toshiba’s Restructuring Plan
Toshiba, a major Japanese company, has announced plans to cut 4,000 jobs in Japan, which amounts to 6% of its workforce in the country. The company is restructuring by moving some of its office functions from central Tokyo to Kawasaki, a city west of the capital. This move is part of Toshiba’s efforts to streamline operations and reduce costs.
TikTok’s Global Layoffs
TikTok, the popular platform for short videos, has implemented layoffs affecting over 1,000 employees globally. These layoffs primarily impacted operations and marketing teams. While TikTok has not provided detailed explanations, industry analysts suggest that these job cuts may respond to the fluctuating regulatory environment affecting social media companies. The company is likely to focus on cost-cutting measures amid regulatory challenges in various regions.
Amazon and Meta’s Workforce Adjustments
Amazon has conducted layoffs across various units. Specifically, Audible saw a reduction of 5% of its workforce, while Prime Video and Twitch together saw a cut of approximately 500 employees, amounting to about 35% of their workforce. These adjustments reflect Amazon’s strategic realignment and optimization of resources across its entertainment and gaming platforms.
Meta, the parent company of Facebook, also made targeted layoffs recently. They focused on restructuring their Reality Lab division, which develops augmented reality (AR) and virtual reality (VR) technologies, including headsets and metaverse projects. This move is part of Meta’s ongoing efforts to refine its focus and operations in emerging technologies.
Layoffs in Indian Companies
Paytm’s Layoffs
Paytm’s parent company, One97 Communications, confirmed job cuts on June 10. The sales division of Paytm reduced its workforce by nearly 3,500 employees. As of March 2024, their total headcount was reported to be 36,521 employees.
ReshaMandi’s Layoffs
ReshaMandi, a B2B marketplace specializing in silk products, laid off 80% of its employees. This decision came after they failed to secure Series B funding.
Job Cuts in Retail and Food Delivery Giants
Major companies like eBay, Flipkart, and Swiggy in India have also implemented job cuts to adjust their priorities in response to changing market conditions. Additional Indian companies such as Ola and Byju’s are also experiencing layoffs amidst economic challenges and strategic adjustments.
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