The trend of substantial job cuts in the tech industry shows no sign of abating in 2024. According to the independent tracker Layoffs.fyi, the first half of this year has already witnessed 60,000 layoffs across 254 companies. This follows a turbulent period in 2022 and 2023, underscoring the continuing volatility within the sector.
Major technology giants like Tesla, Amazon, Google, TikTok, Snap, and Microsoft have all executed significant reductions in their workforces in early 2024. Smaller fintech startups and tech apps have also faced severe downsizing, with some even shutting down completely.
This article provides a comprehensive overview of the tech layoffs that have transpired this year, highlighting the broader implications for both innovation and the workforce. As automation and artificial intelligence increasingly reshape job landscapes, the human impact of these layoffs is both profound and far-reaching.
January 2024:19,350 employees laid off
February 2024:15,589 employees laid off
March 2024: 7,403 employees laid off
April 2024: 22,153 employees laid off
May 2024: 9,882 employees laid off
June 2024:10,083 employees laid off
July 2024: 8,851 employees laid off
August 2024 Updates:
- Formlabs: The 3D printing company has announced layoffs affecting a “small number” of its employees. The reductions, impacting 40 out of its less than 750-person staff, occurred over the past two years.
- Sonos: In a recent round of layoffs, Sonos has cut 100 jobs, equating to 6% of its workforce. This follows a 7% reduction in staff in 2023.
- Cisco: The networking giant is set to eliminate thousands of positions in another round of layoffs. This follows earlier cuts of more than 4,000 employees in February 2024.
- Tally:The fintech startup has shut down after exhausting all financial options. Tally, which specialized in helping users manage and pay off credit card debt, had 183 employees and was valued at $855 million at the time of its closure.
As the tech industry continues to navigate these turbulent times, the ongoing wave of layoffs offers a stark reminder of the challenges faced by companies and employees alike. The shift towards AI and automation poses both opportunities and risks, reshaping the landscape of employment in profound ways.
Stay tuned for regular updates on the impact of these changes and what they mean for the future of technology and innovation.