 "layoff")
Intel is set to lay off more than 15,000 jobs, which amounts to over 15 per cent of its total workforce, as part of a $10 billion cost-reduction strategy aimed at 2025
Layoff trends in the tech sector continued in July 2024, with the loss of over 8,000 jobs across 34 tech firms. This brings the total number of layoffs for the year to 124,517 from 384 companies around the globe.
Intel to lay off 15,000 employees
Intel is set to lay off more than 15,000 jobs, which amounts to over 15 per cent of its total workforce, as part of a $10 billion cost-reduction strategy aimed at 2025. CEO Pat Gelsinger attributed these cuts to disappointing revenue growth and difficulties in leveraging AI trends effectively.
The company intends to carry out most of the layoffs by the end of 2024 and will provide eligible employees with options for voluntary retirement or departure.
Microsoft layoffs: Over 1,000 staff lose jobs in two months
In June, Microsoft reduced its workforce by around 1,000 employees in the mixed reality and Azure ‘moonshots’ divisions. Although Microsoft has not officially acknowledged this latest round of layoffs, the impacted employees reported that the layoffs primarily involved positions related to product and product management.
UKG lays off 2,200 employees
UKG, a software firm headquartered in Massachusetts, has announced significant job cuts this month, reducing its workforce by 14 per cent, which equates to about 2,200 employees. The company, which had a total of 15,882 employees, stated that the reduction is aimed at concentrating on key growth areas to bolster its long-term strategic goals.
Intuit cuts 1,800 jobs
Intuit Inc, a financial management software company headquartered in California, has revealed its intention to cut 1,800 positions, which constitutes roughly 10 per cent of its workforce. This layoff represents the second-largest reduction in the tech industry for July.
Dyson lays off 1,000 employees in UK
Dyson, the UK-based appliance maker, revealed its intention to reduce its workforce by around 1,000 positions in the UK, impacting over 25 per cent of its domestic staff. CEO Hanno Kirner attributed the decision to intense competition and swift technological advancements. While Dyson, which has a global workforce of about 15,000, has pledged assistance for those affected, it has yet to disclose the total number of global layoffs, as assessments are underway in each country.
Kaspersky to lay off all employees
Russian cybersecurity firm Kaspersky said it will stop its operations in the US and terminate employees in response to a US government prohibition on its software. Effective July 20, 2024, the ban, attributed to security concerns related to the company’s Russian base, will lead Kaspersky to recognise that its US operations are “no longer viable”. Consequently, the company will slowly wind down its activities, impacting fewer than 50 employees in the region.
Koo shut down operations
Indian microblogging platform Koo has ceased operations following the collapse of acquisition negotiations with Dailyhunt. As of September 2021, the company had around 200 employees.
Unacademy lays off 250 employees
Indian edtech leader Unacademy has revealed a round of layoffs that will impact about 250 employees. The restructuring will result in the departure of 100 employees from marketing, business, and product roles, as well as 150 from sales positions.
WayCool cuts 200 jobs
Chennai’s agritech company WayCool has recently laid off more than 200 employees, marking its third round of layoffs in a year. The company attributed the job cuts to its efforts to streamline operations and mitigate financial losses while facing ongoing funding difficulties.
PocketFM lays off 200 writers
PocketFM, an audio series platform based in Bengaluru, has reportedly let go of nearly 200 writers, with the majority of the cuts impacting its team based in the US.
Bungie cuts 220 jobs
Bungie, the game development studio under Sony’s ownership, has announced a major reduction in its workforce, eliminating 220 positions, which amounts to 17 per cent of its staff. This decision is driven by escalating development costs and economic challenges. This follows an earlier reduction of 100 jobs in October 2023, resulting in a total workforce cut of around 40 per cent over the past year.
Humble Games lays off entire staff
Indie game publisher Humble Games, a division of Ziff Davis, has dismissed its entire workforce of 36 employees. Despite having released nearly 50 indie titles, the company was initially rumoured to be shutting down but later confirmed it would remain operational.
First Published: Aug 05 2024 | 11:43 AM IST
