Big Tech Layoffs Surge: 150,000 Jobs Lost in 2024
The tech industry is undergoing one of its most turbulent years in 2024, with nearly 150,000 jobs slashed across major companies like Tesla, Intel, Cisco, and others.
As economic conditions tighten, big tech is restructuring operations to adapt to shifting market dynamics, streamline costs, and focus on growth opportunities.
Intel’s Historic Workforce Reduction
Intel announced the largest job cuts in its history, laying off 15,000 employees—over 15% of its workforce. The move is part of a strategy to save $10 billion by 2025. Facing significant financial losses, the chipmaker is trimming expenses in research, marketing, and capital expenditure. This restructuring is aimed at boosting efficiency and focusing resources on critical areas for future growth.
Tesla Lays Off 20,000 Employees
Tesla, led by Elon Musk, implemented aggressive layoffs this year, impacting more than 20,000 employees across departments. Musk’s directive to “be absolutely hardcore” about cost-cutting has resulted in reductions at all levels, with the Supercharging team facing significant cuts. Reports suggest the layoffs could account for up to 20% of Tesla’s workforce.
Other Major Cuts Across Tech Giants
- Cisco: Networking giant Cisco reduced its workforce by 10,000 employees in two rounds of layoffs this year, citing a shift to a more normalized demand environment. The company is pivoting toward high-growth sectors such as artificial intelligence (AI) and cybersecurity.
- SAP: Enterprise software leader SAP restructured its operations, affecting 8,000 employees—around 7% of its workforce—as part of its efforts to streamline for future growth.
- Uber: Still grappling with reduced post-pandemic demand, Uber laid off 6,700 employees while scaling back business units such as self-driving labs.
- Dell: With slowing demand in the PC market, Dell enacted its second major round of layoffs in two years, cutting 6,000 jobs and signaling further reductions ahead.
These layoffs highlight the ongoing challenges facing the tech sector as companies recalibrate to navigate an uncertain global economic environment. As the year progresses, the impact of these decisions will continue to shape the industry’s trajectory.
