Tech employees faced a nightmare at the start of 2023, enduring mass layoffs, a declining economy, and job uncertainty. While things seemed to improve by the end of the year- or it felt so- the horror is now casting shadow over 2024. The layoffs are again on headlines with thousands of tech workers having already lost their jobs in recent job cuts.
Cisco is the most recent firm who is planning to undergo workforce reductions as part of restructuring. While the exact number of job cuts remains undisclosed, sources indicate that thousands of employees could be affected. An official announcement regarding the layoffs is also anticipated soon, potentially coinciding with the company's upcoming earnings call on February 14.
Snap
Snap, the parent company of Snapchat recently announced its plans for workforce reductions as part of cost-cutting measures amidst challenges in revenue generation amid declines in the digital advertising market. The company disclosed plans to lay off approximately 10 per cent of its global full-time workforce to focus on the key priorities of the business and supporting future growth.
Nokia
Nokia is undergoing a significant organisational overhaul, with plans to cut over 10,000 jobs globally. As part of this restructuring effort, the company recently appointed Tarun Chhabra as the new head of Nokia India, reporting to Tommi Uitto, the president of Mobile Networks. This move aligns with Nokia's broader initiative announced in October 2023 to restructure business and reduce its global workforce by 11,000-14,000 jobs, aimed at enhancing operational efficiency and adapting to market dynamics.
PayPal
The online payments company is also reportedly set to reduce its workforce by 9 per cent , which equates to approximately 2,500 employees, as part of efforts to cut headcount.
Following mass layoffs and smaller-scale job cuts, Google also joined the 2024 trend of layoffs and announced two separate rounds of layoffs in January. The first announcement of layoffs affected over 1,000 employees across divisions including Pixel, Fitbit, Nest, and Google Assistant, while the latter is reported to impact several hundred individuals in the sales and advertising unit, as per Business Insider. CEO Sundar Pichai mentioned in an internal memo that further role eliminations are expected this year, aimed at simplifying execution and driving velocity in certain areas.
YouTube
Google's video platform YouTube has also separately announced the layoff of 100 employees as part of a restructuring effort, initially reported by Tubefilter.
Microsoft
Following a series of job cuts in 2023, Microsoft has also announced more job cuts, reportedly letting go of 1,900 employees from Activision Blizzard and Xbox in January. This accounted for approximately 8 per cent of the workforce in the Microsoft Gaming division, according to The Verge.
Amazon
At Amazon, various divisions have announced significant layoffs in response to evolving market landscapes. Audible, the online audiobook and podcast service, is reducing its workforce by 5 per cent, while Amazon Prime Video is laying off several hundred employees in streaming and studio operations. Additionally, Twitch, Amazon's streaming platform, is downsizing its workforce by 35 per cent, affecting around 500 employees.
More to the numbers, Amazon's Buy with Prime unit has recently cut about 5 per cent of its employees. The company has also announced job cuts in its Pharmacy and One Medical divisions, eliminating hundreds of positions.
Unity
Unity Software, a leading provider of video game software, is also undergoing a significant workforce reduction, amounting to around 25 per cent of its employees, or approximately 1,800 jobs, according to a regulatory filing.
Discord
Messaging platform Discord is also implementing a workforce reduction of 17 per cent, affecting approximately 170 jobs, as revealed in an internal memo from the company's founder and CEO, Jason Citron.
Ebay
E-commerce platform eBay has also recently announced its plans to lay off 1,000 employees, equating to a 9 per cent reduction in its workforce. The company cited challenges posed by the current economic conditions behind the employee terminations.
Riot Games
Riot Games, publisher of popular game titles like League of Legends and Valorant, announced in a recent post that it has laid off 530 employees, representing 11 per cent of its workforce, with the aim of sharpening its focus on high-impact projects.
TikTok
Short video platform TikTok also recently laid off 60 employees from its advertising and sales division, though the reason behind the layoffs remains undisclosed.
Salesforce
Salesfroce has also announced 700 job cuts, which amounts to approximately 1 per cent of its 70,000 global workforce.
Flipkart
Flipkart, the Indian e-commerce giant owned by Walmart, also joined the list after disclosing its plans to lay off 1,000 employees as part of its annual performance review exercise. This accounts for approximately 5 per cent of the company's workforce, which currently totals around 22,000 employees.
Swiggy
Another India-based firm, Swiggy, also reportedly initiated a restructuring move resulting in the layoff of 400 employees. This marks the company's second round of layoffs, impacting approximately 7% of its workforce.
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