Over 98,000 employees have been laid off by 333 tech companies globally in the first half of 2024, with major players like Apple, Google, Microsoft, and Meta affected. Layoffs at Amazon and several Indian companies also contribute to the trend. The tech industry is undergoing a wave of job cuts as over 98,000 employees have been laid off from more than 330 companies worldwide in the first 6 months of 2024. Layoffs.fyi, a platform that tracks tech layoffs, reports that 98,834 employees have been let go so far. Major companies like Apple, Google, Microsoft and Meta are among the 333 companies that have had job cuts. This trend reflects economic challenges as well as a boom in AI technology. While tech giants like Meta, Twitter and Cisco significantly reduced their workforces in 2023, the list of companies cutting jobs continues to grow, suggesting the employment crisis may persist in 2024.
Earlier this month, Microsoft reportedly laid off more than 1,000 employees across different businesses, including Azure cloud division and mixed reality unit. It was reported that “most of the job cuts are within the company’s Strategic Missions and Technologies org, which aims to sell Microsoft’s cloud software and server rentals for businesses with highly specified needs such as telecom firms and space companies.” Microsoft eliminated 1,900 jobs, primarily from its gaming division post-Activision Blizzard acquisition. The company has also seen multiple executive-level people leave as it undergoes restructuring.
Layoffs at Amazon spanned various units, including Audible (5%), Prime Video, Twitch (35% or roughly 500 employees), and Buy with Prime teams. Meanwhile, Facebook-parent Meta recently laid off a small portion of its workforce as a part of restructuring Reality Lab that is responsible for the company’s AR/ VR headsets, software and other metaverse projects.
Indian companies also focus on efficiency driven cuts
ReshaMandi, a B2B marketplace specialising in silk products, has laid off 80% of its employees after failing to secure Series B funding. Retail and food delivery giants like eBay, Flipkart and Swiggy have also made job cuts to realign priorities. Fintech giant Paytm cut some staff as the company looks to AI for automating various services. Other Indian companies that have seen layoffs include Ola, Byju’s and Swiggy.
