The tech industry in 2024 continues to grapple with significant layoffs. Major players like Tesla, Amazon, and Microsoft, along with smaller startups, have announced substantial workforce reductions. This article provides a comprehensive list of known layoffs in the tech sector throughout 2024.
Understanding these layoffs helps us see their impact on innovation and the broader tech landscape. It also highlights the human element involved, reminding us of the many individuals affected by these changes.
January 2024
The year began with a notable number of layoffs. Reports indicate that January saw 34,107 employees from various tech companies losing their jobs. Significant contributors include major firms such as Microsoft and Amazon, each executing substantial workforce reductions. Smaller firms were not immune, with several startups also downsizing their teams.
February 2024
February continued the trend with 15,639 employees laid off across several tech companies. Among the notable layoffs were those at Cisco, which announced cuts affecting 5% of its employees, and Bumble, which reduced its workforce by 30%. These layoffs were part of larger restructuring efforts aimed at improving operational efficiency.
Apple’s decision to halt its autonomous electric car project led to further layoffs, impacting hundreds of employees. Snap also announced significant cuts, eliminating 10% of its workforce to streamline operations.
March 2024
March saw a decrease in the number of layoffs, with 7,403 employees affected. However, the impact was still significant, with large firms and smaller startups both contributing to the total. Noteworthy layoffs included those from IBM, which reduced its marketing and communications staff.
Reliance, India’s largest conglomerate, laid off over 42,000 people in its fiscal year ending in March, with an additional 143,000 employees taking voluntary separations. This move was part of a broader strategy to streamline operations and mitigate financial losses.
Dell announced cuts affecting 6,000 jobs globally, highlighting the continued struggles within the tech industry. Moreover, several other companies, including Nintendo of America and ShopBack, made significant reductions to their staff as part of restructuring efforts.
April 2024
April marked a significant increase in layoffs with 22,423 employees affected. Tesla led the charge with a new round of layoffs, significantly impacting its charging team. Google also executed layoffs across its Flutter, Dart, and Python teams.
The economic environment prompted companies like Getir to shut down operations in the U.S., U.K., and Europe, resulting in 6,000 job losses. Rivian announced its second round of layoffs for the year, reducing its workforce by 1%.
In another major move, TikTok laid off 250 employees in Ireland as part of a restructuring of its Training and Quality team. Meanwhile, Checkr executed substantial cuts, letting go of 32% of its workforce.
Companies like Tesla took drastic measures by laying off over 10% of their global workforce, a move that impacted more than 14,000 workers worldwide. This was part of their preparation for the next phase of growth amid a challenging EV market.
May 2024
May witnessed 11,011 employees being laid off. Gro Intelligence shut down operations after previously laying off 60% of its staff. Fisker made headlines with more layoffs aimed at preserving cash.
Cue Health, after laying off half of its workforce earlier this month, shut down operations entirely, impacting the remaining staff. TikTok continued its layoffs, with significant cuts across its global operations and marketing teams.
Lucid Motors made substantial workforce reductions, impacting roughly 6% of its staff. The tech sector saw these layoffs as part of ongoing restructuring efforts aimed at maintaining financial stability amidst turbulent market conditions.
June 2024
June presented a mixed picture with 10,083 employees laid off. RealPage announced job cuts amounting to 4% of its workforce. Meanwhile, Planet laid off 180 employees, reflecting a 17% reduction in its total headcount.
Multiple companies, including Moxion Power and Wex, made substantial reductions to their staff, highlighting the continued strain on the industry. PayPal’s decision to lay off up to 85 employees in Ireland further underscored these challenges.
Ginkgo Bioworks terminated 158 employees, with more layoffs expected. The company aims to reduce its workforce by 25% as part of extensive cost-cutting measures amidst an uncertain economic climate.
StackPath shut down operations, liquidating its assets and laying off an undisclosed number of employees. The closure highlighted the ongoing difficulties faced by many tech firms struggling to adapt to changing market conditions.
July 2024
July brought another wave of layoffs, affecting 9,051 employees. Rad Power Bikes conducted its fifth round of layoffs since April 2021, impacting an unknown number of its 394 employees.
Match Group eliminated livestreaming services across its dating apps, resulting in a 6% workforce reduction. Bungie announced significant cuts, laying off 17% of its staff as it streamlined its operations.
Magic Leap eliminated around 75 employees, including its sales and marketing departments. Mercari’s decision to lay off nearly half of its U.S. staff exemplified the challenges faced by tech companies in maintaining a competitive edge in a saturated market.
August 2024
August recorded a significant increase in layoffs with 26,024 employees affected. Character.AI cut at least 5% of its staff in its marketing and recruiting departments. Apple also made notable cuts, reducing its digital services group by about 100 jobs, impacting workers in its Books and News teams.
GoPro announced a major restructuring effort, reducing its total workforce by about 15%, impacting around 139 workers. Sonos followed suit, with CEO Patrick Spence confirming the company cut 100 employees in a new round of layoffs affecting 6% of its workforce.
Dell plans to get leaner with another round of layoffs, although the exact number of employees impacted is currently unknown. Intel kicked off the month with significant layoffs, affecting 15,000 employees, which accounts for 15% of its total staff.
September 2024
September saw several notable layoffs, beginning with Nori shutting down its operations due to a tough funding environment. Co-founder Alexsandra Guerra announced the closure on LinkedIn.
Bending Spoons, which acquired WeTransfer in July, decided to lay off 75% of WeTransfer’s staff. This move reflected the ongoing difficulties in the tech sector as companies strive to remain agile in a challenging economic climate.
Goop announced it would lay off 18% of its 216-person staff as the company shifts focus to its beauty and food brands, deprioritizing other areas like wellness and travel. Fly.io’s reported layoff of around 40 employees further highlighted the ongoing struggles within the industry.
Conclusion
The tech industry in 2024 has witnessed a significant number of layoffs, with both major corporations and smaller startups affected. This trend underscores the challenges faced by the tech sector in maintaining growth and innovation amidst an uncertain economic landscape.
As companies continue to navigate these turbulent times, the impact on employees and the broader industry remains profound. The human element of these layoffs is a stark reminder of the ongoing struggles and the need for strategic adaptation in the tech world.
The tech industry in 2024 has witnessed a significant number of layoffs, with both major corporations and smaller startups affected. This trend underscores the challenges faced by the tech sector in maintaining growth and innovation amidst an uncertain economic landscape.
As companies continue to navigate these turbulent times, the impact on employees and the broader industry remains profound. The human element of these layoffs is a stark reminder of the ongoing struggles and the need for strategic adaptation in the tech world.
Source: Techcrunch