The tech industry continued to face significant layoffs in 2024, with over 27,000 workers being laid off by more than 40 companies in August alone. Big names like Intel, IBM, and Cisco led the cuts, alongside several smaller startups. According to a report by Economic Times, more than 136,000 tech employees have lost their jobs across 422 companies so far in 2024, highlighting the ongoing turmoil in the industry.
Intel layoffs 2024
Intel, facing one of its toughest periods, announced 15,000 job cuts, which accounts for over 15% of its workforce. This move is part of a $10 billion spending reduction plan for 2025. The layoffs were prompted by a disappointing second-quarter earnings report and a bleak financial outlook. Intel's annual revenues declined by $24 billion between 2020 and 2023, despite a 10% increase in its workforce. Intel’s CEO, Pat Gelsinger, attributed the revenue shortfall to high costs and low margins, despite Intel’s historic leadership in the CPU chip revolution.
Cisco Systems layoffs 2024
Cisco Systems laid off around 6,000 employees, representing 7% of its global workforce. The company is restructuring to focus on high-growth sectors like AI and cybersecurity. This is Cisco’s second major round of layoffs this year. CEO Chuck Robbins expressed optimism about future growth, stating Cisco is poised to meet increased demand for networking equipment. The company has committed $1 billion to AI startups and recently acquired the cybersecurity firm Splunk for $28 billion. Cisco's restructuring includes consolidating its networking, security, and collaboration departments.
IBM layoffs 2024
IBM is shutting down its key R&D division in China, resulting in the layoff of over 1,000 employees in cities like Beijing, Shanghai, and Dalian. This decision stems from declining demand for IT hardware and challenges in expanding in the Chinese market. Despite these layoffs, IBM assured that customer support in China will remain unaffected, focusing now on private enterprises and selected multinationals in the region.
Infineon layoffs 2024
German chipmaker Infineon plans to cut 1,400 jobs and relocate another 1,400 employees to lower-cost regions. These layoffs are in response to a third-quarter revenue shortfall. CEO Jochen Hanebeck pointed to slow recovery in key markets due to weak economic momentum and excess inventory levels.
GoPro layoffs 2024
Action camera maker GoPro announced plans to cut 15% of its workforce, roughly 140 employees, as part of a restructuring plan aimed at reducing operating expenses by $50 million for fiscal 2024.
Apple layoffs 2024
Apple laid off about 100 employees from its digital services group, mainly affecting teams working on the Apple Books app and Apple Bookstore. The company is redirecting resources toward AI programs, viewing Apple Books as a lower priority. Earlier in the year, Apple had also laid off 600 employees from its Special Projects Group and closed a 121-person AI team in San Diego. Apple News remains a key focus for the company.
Dell Technologies layoffs 2024
While not officially confirmed, rumors suggest that Dell Technologies might lay off around 12,500 employees, or 10% of its global workforce. The company is reportedly reorganizing its sales teams and establishing an AI-focused group as part of its effort to streamline management and reprioritize investments.
ReshaMandi layoffs 2024
Bengaluru-based fabric startup ReshaMandi has reportedly laid off its entire workforce. The company's website has been inactive, and sources claim that ReshaMandi has been unable to meet its liabilities, including employee salaries, for several months.
Brave layoffs 2024
Web browser startup Brave has cut 27 jobs, which accounts for 14% of its workforce. This comes after Brave had already cut 9% of its employees in October 2023 as part of a cost-cutting strategy in response to a challenging economic environment.
ShareChat layoffs 2024
ShareChat, the Bengaluru-based social media platform, has laid off between 30 and 40 employees, representing about 5% of its workforce, following a bi-annual performance review in August 2024.
Tech layoffs in 2024 have continued to affect companies big and small, with Intel, IBM, Cisco, Apple, and Infineon among the most notable names. The industry’s focus on AI, cybersecurity, and operational restructuring has resulted in a significant number of job cuts, affecting more than 136,000 tech workers across the globe.
