Following a tumultuous year of layoffs in 2023, mass layoffs across the technology industry continue throughout 2024.
In 2023, nearly 2,000 tech companies made significant layoffs, resulting in more than 260,000 tech workers losing their jobs by December of the same year.
Layoffs continue to plague the industry, with more than 81,000 workers already set to be laid off in 2024, according to online tracking site layoffs.fyi.
Duolingo, Unity Software, and BenchSci are among 13 tech companies that have implemented layoffs within the first nine days of 2024, putting approximately 2,358 employees out of work.
As we approach the middle of 2024, verdict The tech industry’s largest round of layoffs to date.
tesla
May 7, 2024 Tesla enters the fourth week of layoffs after disappointing sales of its Cybertruck EV.
In April 2024, bloomberg and Electrek An internal memo sent by Tesla CEO Elon Musk stated that 10% of the company’s workforce could be cut, potentially affecting nearly 14,000 people.
In the first quarter of 2024, Tesla said it sold only 386,000 Cybertrucks, despite producing more than 430,000.
The company’s most recent layoffs took place in May and affected its software, engineering, and services teams.
Tesla has laid off the most engineers since the 2020 coronavirus pandemic, according to a graph from layoffs.fyi.
Cisco
Cisco cut 5% of its workforce (equivalent to 4,000 employees) in February following its second-quarter 2024 financial results, which reported a decline in product and services revenue.
Cisco CEO Chuck Robbins noted on an earnings call that demand for Cisco’s communications and cable services is declining, but said the company will continue to invest in future growth opportunities. Ta.
Cisco’s next earnings release is scheduled for May 15, 2024.
Ericsson
Ericsson cut 1,200 jobs in Sweden in March 2024, citing continued market challenges and reduced demand for 5G products and deployments.
The company first began negotiations with the union on March 25, and the Swedish job cuts were planned as part of the company’s global efforts to cut costs. Ericsson will cut more than 8,000 jobs worldwide in 2023.
According to its annual report, Ericsson had approximately 100,000 employees at the end of 2023.
Ericsson said it made the headcount reductions to improve operational efficiency through measures such as reducing the number of consultants, streamlining processes and reducing equipment.
apple
Apple has cut more than 600 employees following the end of its self-driving EV project. Affected employees include hardware engineers, machine shop managers, and product design engineers.
Employees who were not fired but were working on the EV project were encouraged to apply for other jobs at Apple.
Apple CEO Tim Cook and Chief Operating Officer Jeff Williams said in an internal memo that employees working on EV projects will be reassigned to AI work. The layoffs are the first major job cuts Apple has made since the coronavirus pandemic.
Apple previously bucked the trend of job cuts in the tech industry when Cook said in September 2023 that he was interested in hiring UK AI talent.
Google will lay off 200 employees in May 2024 to meet its long-term financial goals.
Many of the affected titles had been moved overseas to save costs. Some of the affected jobs were moved to India and Mexico to be closer to Google’s partners.
The layoffs affected core employees, including the Python and Flutter development teams that work on online safety and Google’s flagship products.
Asim Hussain, Google’s vice president of developer ecosystem, acknowledged the uncertainty among employees, but said the rise of generative AI has caused software development to experience upheaval across the industry. He said he is doing so.
The layoffs were announced shortly after Google’s parent company, Alphabet, announced its first-ever dividend following strong results in the first quarter of 2024.
Google’s previous job cuts this year include hundreds of job losses across its Augmented Reality, Pixel, and Nest teams.
“The 5 Biggest Tech Industry Layoffs in 2024 So Far” was originally created and published by Verdict, a brand owned by GlobalData.
The information on this site is published in good faith and for general information purposes only. It is not intended to constitute advice on which you should rely, and we make no representations or warranties of any kind, express or implied, as to its accuracy or completeness. You should obtain professional or specialist advice before taking or refraining from taking any action on the basis of the content on our site.
