The technology industry continued to face significant upheaval in July 2024, with over 8,000 professionals losing their jobs across 34 companies.
The technology industry continued to face significant upheaval in July 2024, with over 8,000 professionals losing their jobs across 34 companies. This surge brings the total number of layoffs for the year to a staggering 124,517 employees from 384 companies worldwide, according to independent layoffs tracker Layoffs.fyi. The cuts, attributed to a range of factors including economic pressures, restructuring, and failed acquisitions, have affected numerous high-profile firms and emerging startups alike.
(Image credit: Screenshot of data from Layoffs.fyi)
Intel announces major layoffs
Intel Corporation has initiated one of the most significant layoffs in the tech industry, announcing plans to cut over 15,000 jobs, amounting to more than 15% of its global workforce. This move is part of a broader $10 billion cost-saving initiative aimed at 2025. CEO Pat Gelsinger cited lower-than-expected revenue growth and the company's challenges in capitalizing on AI trends as key reasons for the decision. The majority of layoffs are expected to be completed by the end of 2024, with voluntary retirement and departure options offered to eligible employees.
Layoffs in Rad Power Bikes
Rad Power Bikes, the e-bike startup that has secured over $300 million in investment, has carried out five rounds of layoffs since April 2021. According to TechCrunch, the company's latest round of layoffs occurred in July, affecting an undisclosed number of Rad Power’s approximately 394 employees.
Microsoft's ongoing workforce reductions
In the past two months, Microsoft has laid off over 1,000 employees. In June, the layoffs targeted the Mixed Reality and Azure 'moonshots' departments. The following month saw additional layoffs, although the exact numbers remain undisclosed. Affected employees, particularly those in product and product management roles, have expressed their grievances on social media. Microsoft has not officially confirmed the latest round of cuts.
(Image credit: Screenshot of data from Layoffs.fyi)
UKG's significant workforce reduction
Massachusetts-based software company UKG announced the largest layoffs of the month, cutting approximately 2,200 jobs—about 14% of its workforce. The company, which previously employed around 15,882 people, stated that the cuts were necessary to focus on critical growth areas and align with its long-term strategic goals.
Intuit cuts 1,800 jobs
Intuit Inc., the California-based financial management software firm, has announced plans to cut 1,800 jobs, equating to about 10% of its workforce. This reduction is the second-largest layoff event in the tech sector for July. The decision comes as part of the company's strategic realignment to focus on its core business areas.
Dyson's job cuts amidst fierce competition
Dyson, the British appliance manufacturer, plans to cut approximately 1,000 jobs at its UK headquarters. The restructuring, which affects more than a quarter of its local workforce, is attributed to intense competition and rapid technological advancements. CEO Hanno Kirner assured support for affected employees, though the company has yet to disclose the total number of global job cuts, as reviews are ongoing on a country-by-country basis.
(Image credit: Screenshot of data from Layoffs.fyi)
Kaspersky exits US market, lays off employees
Russian cybersecurity firm Kaspersky has announced it will exit the US market, leading to the layoff of all its employees in the country. This move comes in response to a US government ban on Kaspersky's software, which cites security concerns related to the company's Russian headquarters. Effective July 20, 2024, the ban has deemed Kaspersky's US operations "no longer viable." The company plans to gradually wind down its US business, impacting fewer than 50 employees.
ReshaMandi's Massive Workforce Reduction
Bengaluru-based startup ReshaMandi has laid off 80% of its staff following difficulties in securing Series B funding. The company's workforce plummeted from 500 employees in January 2023 to around 100 by year-end. Reports indicate that approximately 300 former employees are still awaiting final dues and salaries.
Koo Shuts Down Operations
Koo, the Indian rival to the former Twitter now known as X, shut down its operations on July 3. The social media platform’s co-founders announced the closure, marking the end of its run. The company reportedly employed around 200 staff as of September 2021.
(Image credit: Screenshot of data from Layoffs.fyi)
Unacademy Restructures, Cuts Jobs
Indian ed-tech giant Unacademy has laid off approximately 250 employees. The restructuring primarily affected 100 staff in marketing, business, and product roles, along with 150 in sales positions.
WayCool's Third Round of Layoffs
Chennai-based agri-tech firm WayCool has laid off over 200 employees in its third round of job cuts within a year. The company cited the need to streamline operations to avoid losses as it faces ongoing funding challenges.
PocketFM Fires 200 Writers
Bengaluru-based audio series platform PocketFM has reportedly laid off close to 200 writers, with the majority being part of its US-based team. The exact number of affected employees remains uncertain.
Bungie Cuts 220 Jobs Amid Financial Strain
Game development studio Bungie, owned by Sony, announced a significant layoff of 220 employees, representing 17% of its workforce. The decision comes in response to rising development costs and economic pressures. CEO Pete Parsons highlighted overly ambitious growth and financial strain as key factors. Additionally, Bungie, in collaboration with Sony Interactive Entertainment, plans to reassign 155 employees to other departments within SIE. The company remains focused on its core projects, Destiny 2 and Marathon, with a team of over 850 members.
Humble Games Lays Off Entire Staff
Indie publisher Humble Games, a subsidiary of Ziff Davis, has dismissed its entire team of 36 employees. Despite rumors of closure, the company, which has published nearly 50 indie games, confirmed it will continue its operations. Ziff Davis had tried to sell Humble Games twice in recent years, but both efforts were unsuccessful.
(Image credit: Screenshot of data from Layoffs.fyi)
Look at how many employees laid off since Jan 2024:
The wave of layoffs across the tech industry in July 2024 highlights the sector's ongoing challenges amid economic uncertainties and shifting market dynamics. As companies continue to restructure and realign their strategies, the impact on the workforce remains significant, affecting thousands of professionals worldwide.