The technology sector witnessed a significant wave of layoffs in July 2024, resulting in over 8,000 job cuts across 34 companies. This latest round of reductions has further inflated the year’s overall layoff numbers, bringing the total to 1,24,517 employees affected across 384 companies globally, according to layoff tracking site layoffs.fyi.
Intel to Cut 15,000 Jobs
Intel is set to lay off more than 15,000 employees, representing over 15 per cent of its global workforce, as part of a $10 billion cost-saving initiative aimed at achieving reductions by 2025. CEO Pat Gelsinger cited disappointing revenue growth and difficulties in capitalising on AI trends as key drivers of this decision. The majority of these layoffs are expected to be completed by the end of 2024, with affected employees being offered voluntary retirement or departure options.
UKG to Lay Off 2,200 Employees
UKG has announced plans to reduce its workforce by 14 per cent, impacting approximately 2,200 employees. The company, which previously had a headcount of 15,882, stated that the cuts are intended to sharpen focus on key growth areas and advance its long-term strategic objectives.
Microsoft Lays Off Over 1,000 Employees
In June, Microsoft revealed plans to cut around 1,000 jobs in its mixed reality and Azure ‘moonshots’ divisions. Although the company has not officially confirmed the layoffs, reports indicate that the job cuts primarily impacted roles related to product development and management.
Intuit to Lay Off 1,800 Employees
California-based financial management software firm Intuit announced plans to eliminate 1,800 jobs, representing about 10 per cent of its staff. The company says it will hire approximately 1,800 new people primarily in engineering, product, and customer-facing roles such as sales, customer success, and marketing. This marks one of the largest layoff events in the tech sector for July.
Dyson to Lay Off 1,000 Employees
UK-based appliance manufacturer Dyson is planning to reduce its workforce by around 1,000 positions, accounting for over 25 per cent of its domestic staff. CEO Hanno Kirner attributed the decision to intense competition and rapid technological advancements.
Kaspersky to Lay Off All US Employees
Russian cybersecurity firm Kaspersky will cease operations in the US and lay off all its employees there, effective 20 July 2024, following a US government ban on its software due to security concerns. The decision affects fewer than 50 employees in the region.
Koo Shuts Down Operations
Indian microblogging platform Koo has ceased operations after acquisition talks with Dailyhunt fell through. The company, which employed around 200 staff members as of September 2021, is shutting down its services.
Unacademy Lays Off 250 Employees
Indian edtech firm Unacademy has announced a new round of layoffs, affecting approximately 250 employees. The cuts will see 100 roles eliminated in marketing, business, and product teams, with an additional 150 positions cut in sales.
WayCool Lays Off 200 Employees
Chennai-based agritech company WayCool has laid off more than 200 employees, marking its third round of layoffs this year. The company cited the need to streamline operations and address financial losses amidst ongoing funding challenges.
PocketFM Lays Off 200 Employees
Bengaluru-based audio series platform PocketFM has reportedly let go of nearly 200 writers, primarily affecting its team in the US.
Bungie Cuts 220 Jobs
Bungie, the game development studio owned by Sony, has announced a major reduction in its workforce, cutting 220 positions, or 17 per cent of its staff. The decision, driven by rising development costs and economic challenges, follows an earlier reduction of 100 jobs in October 2023.
Humble Games Lays Off Entire Staff
Indie game publisher Humble Games, a division of Ziff Davis, has laid off its entire staff of 36 employees. Despite having released nearly 50 indie titles, the company has confirmed it will remain operational after initial rumors of a shutdown.
