Top 20 Companies Laid Off Employees in 2024

The tech layoffs emerged in the year 2024 and it proved to be one of the challenging years for the global job market where many of the international organizations, corporations, and several of the largest companies in the world had to employ layoffs as their strategy to remain out of debt under new economic condition and new technology and new market conditions MAP. Cut across, right from the sectors which are the technology giants to those that deal with retail, and financial firms – no sector was left out by this wave of downsizing on the workforce.

Detailed Company Layoff Analysis

1. Google

Google’s grounds for the dismissal were to cut down the overhead rates, to concentrate on the top-line departments, and to look for outside funding for start-up initiatives. There was an economic downturn and also the airtime advertisement revenues from YouTube were coming down.

Layoff Percentage: 6%.

2. Amazon

The $8.5 billion acquisition of MGM Studios took place in 2021 due to certain financial compulsions and it had to pour resources into the streaming segment for the optimal extraction of profitability. In line with operating costs rising, layoffs were deemed unavoidable.

Layoff Percentage: 5%.

3. Microsoft

While it was going well with its Azure cloud services, Microsoft was constantly under pressure to cut down on entertainment and gaming, which are not as profitable as Microsoft had anticipated.

Layoff Percentage: 8%.

4. Cisco

Macroeconomic factors, reviewed and approved by Cisco, and the additional business unit restructuring costs whereby aimed at achieving a better match of its expense to the market conditions. The cuts were made as part of the company’s turnaround plan, with the spotlight being shifted towards faster-growing technologies like artificial intelligence-enabled networking solutions.

Layoff Percentage: 5%.

5. Flipkart

Flipkart’s layoffs occurred after the company’s annual appraisal exercises, during which poor-performing workers were let go. Also, there was a plan to cut costs and optimize operations to move to a profitable model as markets got more competitive.

Layoff Percentage: 7%.

6. Grammarly

The transition toward AI-based products meant a need to reconsider previous positions and employees specialized in machine learning and natural language processing techniques were sought.

Layoff Percentage: 10%.

7. SpiceJet

High fuel prices, reduced traffic, and delayed fundraising were forcing these measures to reduce costs.

Layoff Percentage: 15%.

8. Salesforce

When investors’ pressure to increase profit margins began to mount, Salesforce elected to cut and optimize its most valuable services.

Layoff Percentage: 1%.

9. Discord

Discord had seen a massive increase in hiring during the pandemic when its growth rates started to decline and costs began to increase, the company had to lay off workers to create better long-term stability.

Layoff Percentage: 17%.

10. Tata Steel

The transition was made necessary by the pressures of weaning down carbon emissions and meeting higher environmental standards, as well as improving the efficiency of cost-production functions.

Layoff Percentage: 12%.

11. Nokia

The move was due to a downturn in the Network Equipment business and a burgeoning focus on new opportunities in areas such as 5G technologies.

Layoff Percentage: 9%.

12. Meta (formerly Facebook)

Meta was under pressure from shareholders to trim the cost and concentrate on the advertising business that was the most profitable. Frequent and slow integration of the metaverse and high operating costs led to the scaling down of the firm.

Layoff Percentage: 10%.

13. Intel

The decision was down to deteriorating market demand for regular CPUs due to a slowing semiconductor market and stiff competition from AMD and Nvidia in the AI space.

Layoff Percentage: 6%.

14. Byju’s

Byju’s was under blistering criticism for the company’s financial malpractices and reduction in customer traction resulting in the company’s change of direction to become profitable.

Layoff Percentage: 15%.

15. Twitter (X)

The shutdowns were considered an essential part of renewal as Musk aimed to turn X into a more extensive application, an all-in-one tool for people, partly because of the ad decrease and competition intensity.

Layoff Percentage: 20%.

16. Shopify

Shopify planned to get back to its e-commerce software’s core competency and get rid of various overheads that come with handling a logistics business venture.

Layoff Percentage: 5%.

17. IBM

IBM wanted to reshuffle its business and invest in key categories including hybrid cloud and Artificial Intelligence that emerged as key focus areas for the company.

Layoff Percentage: 7%.

18. Lyft

Lyft’s management blamed the downsizing on efforts to become profitable as it faces higher expenses and less speedy post-pandemic restoration.

Layoff Percentage: 13%.

19. Wipro

The macroenvironment impacted Wipro in a way that saw reduced demand for IT services and this forced the company to venture into areas of automation/ cloud solutions.

Layoff Percentage: 8%.

20. Snap (Snapchat)

Snap experienced a decline in advertising revenue and an increase in competition from other giants’ social platforms, initiating the redistribution of resources to its fundamental augmented reality advertising technologies.

Layoff Percentage: 15%.

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