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. Watch in for more details!
#layoff #globallayoffs #techlayoffs
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date 2024-08-06 17:02:39
views 7535
author UC_gUM8rL-Lrg6O3adPW9K1g
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” Tech Sector Layoffs in 2024: Tech layoffs exceed 124,000 in 2024 as industry struggles | WION ”
The tech sector, a hub of innovation, is facing a significant amount of job cuts in the year 2024, with over 124,000 professionals laid off as of July. This shockingly high number is resulting from a combination of various factors, including lower revenue growth, challenges in adjusting to trends, and downsizing efforts to achieve target savings.
Some of the key players in the sector are taking significant steps by cutting their workforces across departments. For instance, Intel is set to part with over 15,000 employees, which stands for more than 15% of its staff as part of a $10 billion cost-saving initiative with an aim to achieve milestones by 2025.
The trend of job restructions is not limited only to major corporations. However, it also extends towards smaller startups, with popular examples including RashamMandi, which laid off 80% of its staff after failing to acquire Series B funding, Koob, which shut its doors and laid off the entire 200-strong employees following acquisition talks, Ban, which announced a team cut of 220 in its gaming sector, or Sony Interactive Entertainment, reducing 155 employees to join 65 other positions.
Despite the gloomy data, the DeFi Tech Sector continues to grow but needs to adapt to meet new challenges.
