The tech industry has been experiencing a significant wave of layoffs in recent years, and 2024 is no exception. According to independent layoffs tracker Layoffs.fyi, there have been 60,000 job cuts across 254 companies in the tech sector so far this year. This includes major players like Tesla, Amazon, Google, TikTok, Snap, and Microsoft, as well as smaller startups. These layoffs not only have an impact on individual employees but also on innovation within the industry.
One of the key insights from tracking these layoffs is the potential impact of businesses embracing AI and automation. Jobs that were once considered safe are now at risk as companies look for ways to cut costs and streamline operations. By replacing human workers with AI and automation, companies can reduce expenses and increase efficiency. However, this shift also raises concerns about the human impact of layoffs and the potential loss of valuable skills and expertise.
In July 2024, several notable layoffs occurred. Kaspersky, a cybersecurity company, announced that it would lay off dozens of employees and leave the U.S. market following a government order banning the sale of its software. Salesforce eliminated about 300 employees as part of a broader effort to cut costs. Intuit cut 1,800 employees, with more than half of the cuts attributed to low performance. UiPath planned to cut 420 jobs as part of a restructuring effort. UKG cut an estimated 2,200 employees to redirect resources into product innovation. OpenText planned to cut roughly 1,200 jobs to reduce expenses.
Other significant layoffs in July included Unacademy laying off 250 employees following school reopenings in India, Koo ceasing operations after failed acquisition talks, and Upside Foods cutting 26 employees due to a decline in VC funding. Sightful also eliminated 20 employees as it shifted focus to software development.
In June 2024, RealPage announced plans to cut approximately 4% of its workforce as part of a growth-boosting plan. Planet intended to lay off roughly 180 employees, and Moxion Power laid off more than 100 employees. eBay reportedly conducted layoffs in Israel as part of a global restructuring. BeReal cut a large number of staff after being acquired by a French gaming company. Flutterwave laid off about 30 people as it refocused its business. Ginkgo Bioworks terminated 158 employees as part of a workforce reduction plan. Moovit made cuts to 10% of its workforce, and Wex laid off 375 employees.
In May 2024, Gro Intelligence shut down operations after laying off 60% of its staff earlier in the year. Jasper Health laid off a substantial portion of its workforce, and Cirium laid off 37 tech workers. Walnut cut 15 employees, and Fisker laid off hundreds of employees to stay afloat. Cue Health shut down operations and laid off its remaining staff, while Foursquare let go of 105 employees. Lucid Motors laid off about 400 employees, and TikTok reportedly made large cuts to its global operations and marketing teams. Pixar planned to cut 14% of its staff, and Replit let go of 20% of its employees.
In April 2024, Tesla announced layoffs in its charging team, while Google laid off staff across key teams. Fisker laid off more employees to preserve cash, and Getir shut down operations in several markets. Ola cut about 180 jobs, and True Anomaly laid off nearly 30 employees due to duplication of roles. Expedia is expected to cut employees in its Austin office, and Nike plans to eliminate 740 jobs at its Oregon headquarters. Stability AI and Google also conducted layoffs in April.
The layoffs continued in January 2024, with companies like Bumble, Twitch, Unity, and YouTube making significant cuts. Amazon, eBay, and PayPal also announced layoffs affecting hundreds or thousands of employees. These layoffs reflect the ongoing challenges faced by companies in the tech industry, as they seek to adapt to changing market conditions and streamline their operations.
Overall, the wave of tech layoffs in 2024 demonstrates the ongoing impact of automation and AI on the job market. While these technologies offer opportunities for increased efficiency and cost savings, they also raise concerns about job security and the potential loss of valuable skills. As the tech industry continues to evolve, it is important for companies to consider the human impact of layoffs and find ways to support affected employees through retraining and transition programs.