The tech industry is currently experiencing a significant wave of job cuts, with over 98,000 employees laid off from 333 companies worldwide in the first half of 2024. Major players such as Apple, Google, Microsoft and Meta have been among those affected by this trend, which is seen as a reflection of economic challenges and the increasing integration of artificial intelligence technology.
This wave of job cuts comes on the heels of significant workforce reductions at tech giants like Meta, Twitter and Cisco in 2023, indicating that the industry’s jobs crisis may persist throughout the year. Recent reports have highlighted restructuring efforts at companies such as Google and Microsoft, with Microsoft reportedly laying off more than 1,000 employees from various divisions including Azure’s cloud department and mixed reality unit.
Microsoft’s job cuts were mainly concentrated in the Strategic Missions and Technologies organization, which focuses on providing specialized cloud solutions to companies in sectors such as telecommunications and space. Additionally, Microsoft cut 1,900 jobs in its gaming division following its acquisition of Activision Blizzard, leading to executive departures as part of the company’s restructuring efforts.
Amazon has also implemented layoffs across multiple units, including Audible, Prime Video, Twitch and Buy with Prime. Likewise, Meta recently downsized a portion of its workforce within the Reality Lab division, responsible for AR/VR headsets and metaverse projects, as part of a broader restructuring initiative.
The trend of job cuts is not limited to global tech giants, with Indian companies also feeling the effects. Companies like ReshaMandi, eBay, Flipkart, Swiggy, Paytm, Ola, Byju’s and Swiggy have all implemented cuts to streamline operations and focus on efficiency. Paytm, for example, is leveraging artificial intelligence technology to automate services, leading to workforce reductions.
Overall, the tech industry’s wave of job cuts indicates a broader shift towards efficiency and cost-cutting measures, as companies adapt to economic challenges and integrate advanced technologies like artificial intelligence into their operations. This trend is likely to continue throughout 2024, impacting both major global players and emerging tech companies worldwide.
Article Source
https://timesofindia.indiatimes.com/technology/tech-news/tech-layoffs-in-2024-over-98000-employees-at-apple-google-microsoft-and-more-than-330-tech-companies-have-lost-jobs/amp_articleshow/111203612.cms