The technology industry is undergoing a wave of massive job cuts, with more than 98,000 employees expected to be laid off at more than 330 companies around the world in the first half of 2024. Layoffs.fyi, a platform that tracks tech layoffs, reported that 98,834 employees are affected.
Among the 333 companies implementing these job cuts are well-known names such as Apple, Google, Microsoft and Meta.
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Economic uncertainty continues to impact the tech workforce. Earlier this month, layoffs.fyi reported that 39 companies laid off a total of 9,742 employees in May alone.
Big tech companies rush to cut jobs
Google, for example, laid off nearly 200 employees from its core team in May, mostly affecting engineering positions in Sunnyvale, Calif. The move was part of a broader workforce reduction plan that Alphabet announced last year that aimed to reduce its workforce by about 6%, the company said.
Microsoft also implemented significant job cuts earlier this month, firing more than 1,000 employees across various divisions including its Azure cloud and mixed reality unit. Most of these layoffs took place within its Strategic Mission and Technology division, which focuses on selling cloud software and server rentals to specialized businesses such as telecommunications and space companies.
Additionally, Microsoft cut 1,900 jobs from its gaming division following its acquisition of Activision Blizzard, and several senior executives left the company as part of a restructuring effort.
Job search platform Indeed laid off about 8% of its workforce in May 2024, mostly affecting employees in the U.S. This was the second round of layoffs at the company, affecting its research and development department, among other teams responsible for delivering products to customers.
Meanwhile, Toshiba has announced plans to cut 4,000 jobs in Japan, equivalent to 6% of its workforce, as part of a restructuring effort, and the company is reportedly planning to move some of its office functions from central Tokyo to the western city of Kawasaki.
Popular short-form video platform TikTok has laid off more than 1,000 employees worldwide, affecting its operations and marketing teams. While TikTok has offered few public explanations, industry analysts speculate that the layoffs are a cost-cutting measure in response to the changing regulatory environment affecting the social media giant.
Amazon's layoffs are 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 AR/VR headsets, software, and other metaverse projects.
Indian tech ecosystem hands out layoffs
In India, Paytm's parent company, fintech firm One97 Communications, confirmed laying off an undisclosed number of employees on June 10. PTI reported that Paytm's sales division will cut nearly 3,500 employees, taking its total headcount to 36,521 by the end of the fiscal year ending March 2024.
ReshaMandi, a B2B marketplace specializing in silk products, has laid off 80% of its employees after failing to raise Series B funding. Retail and food delivery giants such as eBay, Flipkart and Swiggy are also cutting staff to realign priorities. Other Indian companies facing layoffs include Ola and Byju's.
