In 2024, the tech industry is experiencing a wave of job cuts, with over 98,000 employees being laid off from more than 330 companies worldwide in just the first 6 months. This trend reflects economic challenges as well as a boom in AI technology.
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. The list of companies cutting jobs continues to grow, suggesting the employment crisis may persist in 2024.
Restructuring at tech giants like Google and Microsoft has been prevalent. Earlier this month, Microsoft reportedly laid off more than 1,000 employees across different businesses, including the Azure cloud division and mixed reality unit. 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. Additionally, Microsoft eliminated over 15% of its gaming division staff after acquiring Activision Blizzard last year. The company also saw multiple executive-level people leave as it undergoes restructuring.
Facebook-parent Meta recently laid off a small portion of its workforce as part of restructuring Reality Lab that is responsible for the company’s AR/ VR headsets and other metaverse projects. Meanwhile in India, companies are also focusing on efficiency-driven cuts. ReshaMandi, a B2B marketplace specializing in silk products has laid off over 85% of its employees after failing to secure Series B funding while retail giant Flipkart has made several job cuts across various units to realign priorities
