The wave of large-scale layoffs in the technology industry in 2024 shows no signs of slowing down, with several of the industry’s largest companies announcing layoffs this week.
Cisco to Cut More than 4,000 Jobs Cisco announced that it will reduce its workforce by approximately 5%, or approximately 4,250 jobs. The decision was not sudden, as Reuters reported over the weekend that layoffs were imminent. According to people familiar with the matter, the company intends to focus on high-growth areas. Cisco employs a total of 84,900 people as of fiscal year 2023, according to data.
Nike to cut 1,600 employees Nike plans to cut its workforce by 2% (more than 1,600 people) to cut costs and redirect resources to categories such as running, women’s apparel and Jordan Brand. The layoffs do not affect employees in stores, distribution centers or innovation teams. Nike CEO John Donahoe said the company is not performing at its best and needs to edit, change or sell less important work to focus more. The company had 83,700 employees as of May 2020, and is aiming to cut costs by up to $2 billion over the next three years.
Paramount to lay off 800 employees Paramount will cut its workforce by 3%, or 800 people, as it struggles to transition from traditional television to streaming. CEO Bob Bakish believes these layoffs are necessary to return the company to profitable growth and execute on its long-term vision. The layoffs will affect employees across Paramount’s portfolio, including Paramount Pictures, CBS, Comedy Central, MTV, Nickelodeon, BET, Paramount+ and Pluto TV. The transition to streaming has proven difficult for media companies, with Paramount facing declining revenue and billions of dollars in streaming losses.
Instacart lays off 7% of staff Instacart announced layoffs to focus on promising initiatives. The company plans to reduce its workforce by approximately 250 people, representing approximately 7% of its global workforce, as of January 31, 2024. The restructuring plan aims to create a more streamlined organizational structure within the company and allow the team to focus more on advertising and advertising campaigns. Other important projects.
BlackBerry cuts more jobs, closes offices BlackBerry, once a mobile phone maker and now a high-tech company focused on cybersecurity, is cutting costs and opening 36 offices around the world. Of these, six locations will be closed. The company has identified cost reduction efficiencies in its cybersecurity operations, particularly in research and development. The restructuring efforts are part of the company’s efforts to streamline operations and increase profitability. BlackBerry hopes to achieve positive cash flow next year and positive operating cash flow by the fourth quarter of 2025.
Firefox owner Mozilla cuts 5% of its workforce Mozilla, the maker of the Firefox web browser, announced Tuesday that it will cut about 5% of its workforce. This equates to 60 job losses for him, affecting product development positions.
Mozilla said in a statement that it is reducing investment in some product areas to focus on areas with a higher chance of success. They plan to reallocate resources to products like Firefox Mobile, where there is a huge opportunity for the industry to grow and establish a better model.
Farfetch plans to cut 25-30% of its workforce Farfetch, the global online retailer of luxury fashion, plans to cut its workforce by 25-30% as part of a restructuring plan. This decision was made after the departure of the company’s former leader, Jose Neves. Officials said the company evaluated its priorities and resources and made the difficult but necessary decision to reduce headcount and redundant functions around the world. The company believes this decision will allow it to operate in a stronger position, focusing on delivering a superior experience for its brands, boutiques and customers. The official also emphasized that despite the job cuts, Portugal remains an important base for Farfetch.
Toast to lay off 550 employees Restaurant software company Toast will cut approximately 550 employees in a drive to improve cost efficiency. This move is in line with the industry trend of layoffs starting in early 2024. The layoffs will cost the company approximately $50 million.
Wint Wealth lays off 20% of its workforce Fintech startup Wint Wealth has laid off 20% of its workforce during an internal restructuring. The layoffs affected multiple departments, including marketing, sales and technology. Wint Wells confirmed the development, saying the restructuring affected lower priority sectors and led to 19 job losses.
Everybuddy Games Closes Everybuddy Games, the Israeli startup behind Lucky Buddies, has filed for bankruptcy with NIS 15 million in debt. He raised $15 million in Series A funding, but only had seven employees. A trustee is appointed to evaluate any proposed sale of the company or its assets.
Cisco to Cut More than 4,000 Jobs Cisco announced that it will reduce its workforce by approximately 5%, or approximately 4,250 jobs. The decision was not sudden, as Reuters reported over the weekend that layoffs were imminent. According to people familiar with the matter, the company intends to focus on high-growth areas. Cisco employs a total of 84,900 people as of fiscal year 2023, according to data.
Nike to cut 1,600 employees Nike plans to cut its workforce by 2% (more than 1,600 people) to cut costs and redirect resources to categories such as running, women’s apparel and Jordan Brand. The layoffs do not affect employees in stores, distribution centers or innovation teams. Nike CEO John Donahoe said the company is not performing at its best and needs to edit, change or sell less important work to focus more. The company had 83,700 employees as of May 2020, and is aiming to cut costs by up to $2 billion over the next three years.
Paramount to lay off 800 employees Paramount will cut its workforce by 3%, or 800 people, as it struggles to transition from traditional television to streaming. CEO Bob Bakish believes these layoffs are necessary to return the company to profitable growth and execute on its long-term vision. The layoffs will affect employees across Paramount’s portfolio, including Paramount Pictures, CBS, Comedy Central, MTV, Nickelodeon, BET, Paramount+ and Pluto TV. The transition to streaming has proven difficult for media companies, with Paramount facing declining revenue and billions of dollars in streaming losses.
Instacart lays off 7% of staff Instacart announced layoffs to focus on promising initiatives. The company plans to reduce its workforce by approximately 250 people, representing approximately 7% of its global workforce, as of January 31, 2024. The restructuring plan aims to create a more streamlined organizational structure within the company and allow the team to focus more on advertising and advertising campaigns. Other important projects.
BlackBerry cuts more jobs, closes offices BlackBerry, once a mobile phone maker and now a high-tech company focused on cybersecurity, is cutting costs and opening 36 offices around the world. Of these, six locations will be closed. The company has identified cost reduction efficiencies in its cybersecurity operations, particularly in research and development. The restructuring efforts are part of the company’s efforts to streamline operations and increase profitability. BlackBerry hopes to achieve positive cash flow next year and positive operating cash flow by the fourth quarter of 2025.
Firefox owner Mozilla cuts 5% of its workforce Mozilla, the maker of the Firefox web browser, announced Tuesday that it will cut about 5% of its workforce. This equates to 60 job losses for him, affecting product development positions.
Mozilla said in a statement that it is reducing investment in some product areas to focus on areas with a higher chance of success. They plan to reallocate resources to products like Firefox Mobile, where there is a huge opportunity for the industry to grow and establish a better model.
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Farfetch plans to cut 25-30% of its workforce Farfetch, the global online retailer of luxury fashion, plans to cut its workforce by 25-30% as part of a restructuring plan. This decision was made after the departure of the company’s former leader, Jose Neves. Officials said the company evaluated its priorities and resources and made the difficult but necessary decision to reduce headcount and redundant functions around the world. The company believes this decision will allow it to operate in a stronger position, focusing on delivering a superior experience for its brands, boutiques and customers. The official also emphasized that despite the job cuts, Portugal remains an important base for Farfetch.
Toast to lay off 550 employees Restaurant software company Toast will cut approximately 550 employees in a drive to improve cost efficiency. This move is in line with the industry trend of layoffs starting in early 2024. The layoffs will cost the company approximately $50 million.
Wint Wealth lays off 20% of its workforce Fintech startup Wint Wealth has laid off 20% of its workforce during an internal restructuring. The layoffs affected multiple departments, including marketing, sales and technology. Wint Wells confirmed the development, saying the restructuring affected lower priority sectors and led to 19 job losses.
Everybuddy Games Closes Everybuddy Games, the Israeli startup behind Lucky Buddies, has filed for bankruptcy with NIS 15 million in debt. He raised $15 million in Series A funding, but only had seven employees. A trustee is appointed to evaluate any proposed sale of the company or its assets.