New Delhi:
The tech industry continues to experience significant layoffs, with more than 99,000 employees being laid off in the first half of 2024 alone.
This follows a trend seen in previous years, where the sector has been regularly reducing its workforce.
Notably, major companies such as Google, Apple, Microsoft, and Meta are among those making substantial cuts.
Layoff Statistics
According to Layoffs.fyi, a platform tracking tech industry layoffs, by June 2024, approximately 99,672 employees from 344 companies have been fired.
This includes significant reductions by tech giants:
- Google, Apple, Microsoft, and Meta: Continuously cutting jobs.
- Twitter (now X) and Meta: Ongoing layoffs from previous years, with an increase in 2024.
For comparison:
2023: 1,191 companies laid off 263,180 employees.
2022: 1,064 companies laid off 165,269 employees.
Possible Reasons for Layoffs
While specific reasons for these layoffs have not been fully disclosed, the rapid advancement in AI technology is a significant factor.
Companies are likely restructuring to adapt to technological changes and optimize their operations.
Impact on Indian Tech Companies
Indian tech firms are also affected by the layoff trend: Flipkart, Simpl, Ola, Scaler, Byju’s, and Swiggy: 23 companies headquartered in India have laid off over 1,600 employees in 2024.
Flipkart: Laid off 1,100 employees.
Recent Layoffs in Major Companies
Microsoft: Recently laid off over 1,000 employees across various divisions, including Azure Cloud and mixed reality, citing strategic realignment.
Post-Activision Blizzard Acquisition: Reduced 1,900 jobs, mainly from the gaming division.
