Tech workers faced a nightmare at the beginning of 2023, enduring mass layoffs, economic downturn, and job insecurity. It looked like things would improve by the end of the year, or so it felt like, but that fear now casts a shadow over 2024. Layoffs are back in the headlines, with recent layoffs already putting thousands of technology workers out of work.
Layoffs.fyi, a website that tracks tech layoffs, recently reported that about 32,000 tech workers have been laid off so far in 2024. This comes after major tech giants and startups such as Google, Amazon and Meta announced plans to cut jobs as part of cost-cutting and restructuring strategies. According to data from Layoffs.fyi, 2023 was the worst year on record for layoffs in tech companies, with 2,62,595 workers at 1,189 companies losing their jobs, and the trend continues in 2024, with 115 The tech company has laid off more than 30,375 employees to date. .
Below is a comprehensive list of major companies in the technology industry that announced employee layoffs in 2024.
Cisco
Cisco is the latest company to plan job cuts as part of a restructuring. The exact number of job cuts has not yet been disclosed, but sources suggest that thousands of employees could be affected. An official announcement regarding the layoffs is expected soon, and could coincide with the company’s earnings release, scheduled for February 14th.
snap
Snapchat’s parent company, Snap, recently announced plans to cut jobs as part of its cost-cutting efforts, as the downturn in the digital advertising market challenges revenue generation. The company announced plans to lay off approximately 10% of its full-time workforce worldwide as it focuses on key business priorities and supporting future growth.
nokia
Nokia is undergoing a major organizational change, with plans to cut more than 10,000 jobs worldwide. As part of this restructuring effort, the company recently appointed Tarun Chhabra as the new head of Nokia India, reporting to Tomi Witt, President of Mobile Networks. The move was announced in October 2023 to restructure the business and reduce its workforce by 11,000 to 14,000 people worldwide, with the aim of improving operational efficiency and adapting to market trends. This is in line with Nokia’s broader initiatives.
PayPal
The online payments company is also reportedly planning to reduce its workforce by 9% as part of its headcount reduction, which equates to approximately 2,500 employees.
Following mass layoffs and smaller layoffs, Google joined the layoff trend in 2024, announcing two rounds of layoffs in January. According to Business Insider, the first layoff announcement affected more than 1,000 employees across divisions including Pixel, Fitbit, Nest, and Google Assistant, while the latter announcement affected more than 1,000 employees across sales and advertising departments. Hundreds of people are reported to have been affected. CEO Sundar Pichai said in an internal memo that further role reductions are expected this year, aimed at simplifying and increasing speed of execution in certain areas.
YouTube
Google’s video platform YouTube also separately announced the layoffs of 100 employees as part of its restructuring efforts, first reported by Tubefilter.
microsoft
Following a series of layoffs in 2023, Microsoft also announced further layoffs, reportedly laying off 1,900 Activision Blizzard and Xbox employees in January. According to The Verge, this represents about 8% of Microsoft’s gaming division’s workforce.
Amazon
Amazon has announced significant layoffs across various divisions in response to evolving market conditions. Online audiobook and podcast service Audible will cut its workforce by 5 percent, and Amazon Prime Video will lay off hundreds of employees across streaming and studio operations. Additionally, Amazon’s streaming platform Twitch is cutting its workforce by 35%, impacting approximately 500 employees.
Speaking of numbers, Amazon’s Buy with Prime division recently cut about 5% of its workforce. The company also announced layoffs in its Pharmacy and One Medical divisions, eliminating hundreds of positions.
unity
Unity Software, a major provider of video game software, is also significantly cutting back on its workforce by about 1,800 people, or about 25% of its workforce, according to regulatory filings.
discord
Messaging platform Discord is also cutting its workforce by 17%, leaving about 170 jobs, as revealed in an internal memo from company founder and CEO Jason Citron. It is having an impact.
ebay
E-commerce platform eBay also recently announced plans to lay off 1,000 employees, representing a 9% reduction in its workforce. The company cited challenges posed by the current economic situation as the reason behind the layoffs.
riot games
Riot Games, the publisher of popular gaming titles such as League of Legends and Valorant, is cutting 530 employees, or 11 percent of its workforce, to sharpen its focus on high-impact projects. He announced in a recent post that he was fired.
tick tock
Short video platform TikTok also recently laid off 60 employees in its advertising and sales departments, without disclosing the reasons for the layoffs.
sales force
Salesforce also announced 700 job cuts, about 1% of its 70,000 global workforce.
flipkart
Indian e-commerce giant Flipkart, owned by Walmart, also joined the list, saying it plans to lay off 1,000 employees as part of its annual performance review. This represents approximately 5% of the company’s current total workforce of approximately 22,000 employees.
swiggy
Another India-based company, Swiggy, has also reportedly started a restructuring drive, resulting in the termination of 400 employees. This is the company’s second round of layoffs, affecting approximately 7% of its workforce.
wipro
According to a report in the Economic Times, on January 31, Wipro also began the process of cutting “hundreds of mid-level field staff” to boost profit margins, joining the list of tech companies cutting jobs. It is said that
But why do companies cut staff?
There are several factors why these companies chose to reduce their workforce. While companies cite restructuring efforts and a focus on efficiency as reasons for job cuts, the report says the real reasons include overemployment, a weak economy and, primarily, the growing influence of AI. .
The rise of artificial intelligence (AI) is of particular interest to businesses looking to reduce costs and increase efficiency. However, while AI automates some jobs, it also creates new opportunities in the field of AI and machine learning. Companies like Google, Microsoft, and Meta are actively developing and deploying AI models, and the demand for skilled professionals in these fields is rapidly increasing. CompTIA’s recent report highlights this trend, revealing that in January 2024, there were 33,727 active job openings in related fields. This increase is noted as the largest month-over-month increase in the past 12 months.