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Tech companies laid off over 1,00,000 in July; Microsoft, Intel among...
Microsoft has also been impacted, with over 1,000 staff losing their jobs in the mixed reality and Azure divisions over the past two months.
Updated : Aug 07, 2024, 08:04 AM IST
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The tech industry's struggles are not limited to 2024, as 2023 also saw massive lay-offs, with 1,186 tech companies laying off about 262,682 staff, compared to 164,969 lay-offs in 2022.
The most significant contributor to this staggering number is Intel, which plans to lay off more than 15,000 employees, accounting for over 15% of its total workforce. CEO Pat Gelsinger cited disappointing revenue growth and difficulties in leveraging AI trends as the primary reasons behind the $10 billion cost-reduction strategy aimed at 2025.
Dyson, the UK-based appliance maker, has also announced plans to reduce its workforce by around 1,000 positions in the UK, impacting over 25% of its domestic staff. CEO Hanno Kirner said that the decision was made because of intense competition and rapid technological advances.
Microsoft has also been impacted, with over 1,000 staff losing their jobs in the mixed reality and Azure divisions over the past two months. The company has not officially acknowledged this latest round of lay-offs, but affected employees have reported that the cuts primarily targeted product and product management roles.
UKG, a software firm headquartered in Massachusetts, has announced a 14% reduction in its workforce, which equates to about 2,200 employees out of a total of 15,882. The company stated that the lay-offs are aimed at concentrating on key growth areas to bolster its long-term strategic goals.
Intuit Inc, a financial management software company based in California, has revealed plans to cut 1,800 positions, which constitute roughly 10% of its workforce. This lay-off represents the second-largest reduction in the tech industry for July.
Other notable lay-offs include Kaspersky's decision to terminate all employees in the US due to a government ban on its software, Koo's shutdown following failed acquisition negotiations, and significant job cuts at Unacademy, WayCool, PocketFM, Bungie, and Humble Games.
As the year progresses, it remains to be seen whether the tech industry will be able to bounce back from these challenging times. However, the sheer scale of the lay-offs in 2024 suggests that the sector is facing significant headwinds that will require strategic planning and adaptation to overcome.
