Mass layoffs hit tech industry Over 27000 jobs cut as Intel Cisco IBM more slash workforce

The tech industry has been going through a lot of upheaval for the past few months. The workforce is being continuously reduced in big tech companies. Some companies are doing this due to losses, while some companies are thinking of reducing the expenditure on employees to invest in new AI-based technology. The last month also did not prove to be auspicious for tech employees around the world when more than 27 thousand employees lost their jobs in August alone.

In August 2024, more than 27 thousand employees were fired from their jobs within the entire month. About 40 companies were involved in this big layoff. These included big names like Intel, IBM, and Cisco. Along with this, many small startups have also done layoffs. If we talk about 2024, in the last 8 months, layoffs have been seen in 422 companies so far, during which about 1 lakh 36 thousand tech employees have been removed from their jobs. This shows that there is still a lot of instability in the tech sector.

In early August, the first layoffs came from Intel, in which the company’s CEO Pat Gelsinger informed the employees that the company is now going to reduce its expenses. The company announced that it would lay off 15,000 employees. This was 15 percent of the company’s total workforce. According to reports, the company took this step to reduce its financial condition and its difficulties in Q2 2024. However, the company’s CEO said that this step was very difficult, but also very important.

Cisco company announced the second biggest layoff in August. On August 14, Cisco Systems announced that the company is going to reduce its 7 percent employees. The reason given behind this was that the company will now focus more on areas like artificial intelligence and cyber safety. Cisco did not disclose the number of employees to be fired but according to reports, about 6 thousand employees have been shown the way out.

Tech companies that did layoffs in August also included names like IBM and Infineon. German chipmaker Infineon announced the removal of 1400 employees. At the same time, IBM announced the closure of its R&D department in China. Due to this, more than 1 thousand employees are reported to have been laid off from the company. Apart from this, Canada’s online food delivery service SkipTheDishes decided to lay off around 1000 employees. In this way, tech companies have laid off a large number of employees across the world in August.