Layoff In Tech Sector: In 2023, there was a 15 percent jump in layoffs in IT companies, which is continuing in 2024 as well. In 2024, 136,000 employees have been laid off.
Tech Sector Layoffs: Layoffs in the tech sector are not stopping. Large scale layoffs are once again being seen in the big companies associated with this sector. Intel, Cisco, IBM and small tech startup companies have done about 27,000 layoffs in the month of August. In 2024, 422 companies have shown the way out to about 136000 employees.
Intel has announced that it is going to reduce the number of jobs by 15,000, which is close to 15 percent of its total workforce. The company is aiming to cut expenses by $ 10 billion by 2025. The decision to cut the number of jobs is a result of that. The company’s CEO Pat Gelsinger has blamed the poor financial results on slow revenue growth, high expenses and declining profits.
Another giant tech company Cisco has also decided to reduce its global workforce by 7 percent, which may affect the employment of around 6000 employees. This is the second time in 2024 that Cisco is going to lay off employees on this scale. IBM is going to close its research and development facility in China. Due to this, IBM has shown the way out to 1000 employees. Companies have had to take this decision due to the decrease in IT hardware demand. Apple has also recently laid off around 100 employees from its services division.
Action camera manufacturer GoPro has decided to reduce its workforce by 15 percent, due to which 140 people are likely to be laid off by the end of 2024. This year, Apple laid off 600 people due to the closure of some projects in the Special Projects Group. The company disbanded the 121-member AI team in January 2024. Dell Technologies has also laid off 10 percent of its global workforce, i.e. 12,500 employees. In 2023, there was a 15 percent jump in layoffs in IT companies, which is continuing in 2024 as well.
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