Tuesday, July 16, 2024

Massive Tech Layoffs in 2024: More than 98,000 Employees Let Go by Apple, Google, Microsoft, and 330+ Other Tech Companies

Tech Industry Faces Wave of Job Cuts: Over 98,000 Employees Laid Off in First Half of 2024

The tech industry is experiencing a significant wave of job cuts, with over 98,000 employees being laid off from more than 330 companies worldwide in the first half of 2024. According to Layoffs.fyi, a platform that tracks tech layoffs, the total number of layoffs stands at 98,834 so far this year, with major companies such as Apple, Google, Microsoft, and Meta among those making cuts.

This trend is a reflection of both economic challenges and the rapid advancement of AI technology. While tech giants like Meta, Twitter, and Cisco made substantial workforce reductions in 2023, the list of companies implementing job cuts continues to grow, indicating that the employment crisis may persist throughout 2024.

Recently, Microsoft announced layoffs affecting over 1,000 employees in various divisions, including Azure cloud and mixed reality units. Most of the job cuts are reportedly within the company’s Strategic Missions and Technologies org, focusing on selling cloud software and server rentals for specific sectors like telecom and space companies. Additionally, Microsoft eliminated 1,900 jobs in its gaming division following the Activision Blizzard acquisition, which includes reshuffling at the executive level.

Amazon has also made workforce reductions across several units, including Audible, Prime Video, Twitch, and Buy with Prime teams. Meta, the parent company of Facebook, recently laid off a portion of its workforce as part of a restructuring of its Reality Lab, responsible for AR/VR headsets, software, and other metaverse projects.

Indian companies are not exempt from the trend, with ReshaMandi, a B2B marketplace specializing in silk products, laying off 80% of its employees after failing to secure Series B funding. Retail and food delivery giants like eBay, Flipkart, and Swiggy have also implemented job cuts to realign their priorities. Fintech giant Paytm has reduced staff as it looks to automate various services using AI. Other Indian companies that have seen layoffs include Ola, Byju’s, and Swiggy.

As the tech industry continues to evolve and adapt to changing economic conditions and technological advancements, further job cuts may be on the horizon for companies worldwide.

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