The tech industry is facing an unprecedented wave of layoffs in 2024, with major players like Intel, Tesla, Microsoft, Cisco, and others collectively cutting nearly 150,000 jobs. According to Business Standard, these changes are happening amid shifting market demands and challenging economic conditions, these tech giants are undertaking large-scale restructuring efforts to streamline operations, control costs, and refocus on growth areas.
Intel’s 15,000 Job Cuts Amid Historic Challenges
In its toughest year yet, Intel has announced plans to cut 15,000 jobs, representing over 15% of its global workforce, as it aims to save $10 billion by 2025. The semiconductor giant is scaling back on R&D, marketing, and capital expenditures while eliminating non-essential operations to weather the financial storm.
Tesla’s Aggressive Layoffs Reach 20,000
Tesla, under Elon Musk’s leadership, has aggressively reduced its workforce by more than 20,000 employees. Departments across the company, including senior leadership roles and teams like Supercharging, have been heavily impacted. Bloomberg reports that the electric vehicle giant’s workforce reduction could eventually affect 20% of its total employees.
Cisco Cuts 10,000 Jobs Amid Demand Normalization
Networking leader Cisco has slashed 10,000 positions in two rounds of layoffs this year, citing a shift to a more “normalized demand environment.” The company is refocusing on high-growth areas such as artificial intelligence and cybersecurity, signaling a pivot in its strategic priorities.
SAP Restructures, Impacting 8,000 Workers
Enterprise software giant SAP is undergoing a major restructuring, affecting 8,000 employees or 7% of its workforce. The effort aims to streamline operations and position the company for future growth, with job changes and buyouts being key components of the plan.
Uber Lays Off 6,700 as Pandemic Woes Linger
Despite recovering from the pandemic’s initial impact, Uber continues to face challenges in the ridesharing sector. The company has laid off 6,700 employees, restructured its operations, and shut down underperforming units, including its self-driving labs.
Dell’s Second Round of Cuts: 6,000 Jobs Eliminated
Dell Technologies, grappling with sluggish demand in the personal computer market, has enacted a second major round of layoffs within two years, cutting 6,000 jobs in 2024. The company is continuing to assess costs and workforce needs amid a challenging economic landscape.
This wave of layoffs reflects a broader trend of tech companies realigning their strategies to focus on profitability and adaptability in an evolving market. As giants shift their priorities to emerging fields like AI, cybersecurity, and cloud computing, workers face increasing uncertainty in a volatile industry.
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