The tech industry is facing a significant employment crisis, with over 98,000 employees being laid off from more than 330 companies worldwide in the first half of 2024. This trend is a reflection of the economic challenges facing the industry, as well as the rapid advancement of AI technology. Major tech companies such as Apple, Google, Microsoft and Meta are among the 333 companies that have implemented job cuts. Despite significant layoffs at tech giants like Meta, Twitter and Cisco in 2023, the list of companies cutting jobs continues to grow.
Tech giants such as Google and Microsoft have recently undergone restructuring that resulted in significant job cuts. Microsoft reportedly laid off over 1,000 employees from various business units, including the Azure cloud division and mixed reality unit. The company also eliminated 1,900 jobs in its gaming division following the Activision Blizzard acquisition. Amazon has also implemented layoffs across different units, including Audible, Prime Video, Twitch, and Buy with Prime teams.
Indian companies are also focusing on efficiency-driven cuts. ReshaMandi, a B2B marketplace specializing in silk products, has laid off 80% of its employees after failing to secure Series B funding. Retail and food delivery giants like eBay