The technology industry is seeing a wave of job cuts, with more than 98,000 employees being laid off from over 330 companies worldwide in the first six months of 2024. Layoffs.fyi, a platform that tracks tech industry layoffs, reports that 98,834 employees have been let go so far. Among the 333 companies where job cuts have been made are some of the biggest names in the industry, including Apple, Google, Microsoft and Meta.
The trend reflects economic challenges and the rapid growth of AI technology. Tech giants such as Meta, Twitter, and Cisco have made significant cuts to their workforces in 2023, but the list of companies making job cuts continues to grow, suggesting the jobs crisis could continue into 2024.
Restructuring at Google, Microsoft and other tech giants Earlier this month, it was reported that Microsoft had laid off more than 1,000 employees across various businesses, including its Azure cloud division and mixed reality unit. “Most of the job cuts are taking place within the company's Strategic Mission and Technology division, which aims to sell Microsoft's cloud software and server rentals to businesses with very specialized needs, such as telecommunications and space companies,” the report said.
Microsoft cut 1,900 jobs, mostly in its gaming division, after acquiring Activision Blizzard Inc. The company also saw several senior executives leave as part of a restructuring effort.
Amazon's layoffs were spread across a variety of divisions, including Audible (5%), Prime Video, Twitch (35%, or about 500 employees), and its Buy with Prime team.
Meanwhile, Facebook's parent company Meta recently laid off some employees as part of a restructuring of its Reality Lab, which is responsible for the company's AR/VR headsets, software and other metaverse projects.
Indian companies are also focusing on efficiency-driven cuts. ReshaMandi, a B2B marketplace specialising in silk products, has laid off 80% of its staff after failing to raise Series B funding. Retail and food delivery giants eBay, Flipkart and Swiggy are also cutting staff to realign priorities. Fintech giant Paytm has cut some staff as it looks to use AI to automate various services. Other Indian companies that have made layoffs include Ola, Byju's and Swiggy.
