According to a report by The Times of India, the tech industry has faced substantial layoffs in 2024, with approximately 150,000 jobs eliminated across major companies. Tech companies like Tesla, Intel, Cisco, and Microsoft are among those reducing their workforces.

The report highlights that these job cuts are primarily driven by cost-cutting initiatives, organizational restructuring, and the need to adapt to changing market dynamics. Once renowned for its rapid growth, the tech sector is now grappling with a challenging economic climate, compelling companies to make difficult staffing decisions.

Intel Cuts 15,000 Jobs, Facing Its Toughest Year Yet

Intel is facing considerable financial losses in 2024. According to the report, the company has announced plans to reduce USD10 billion in costs by 2025, including laying off 15,000 employees—over 15% of its current staff of more than 125,000.

As part of these measures, Intel will reduce its annual spending on research, development, and marketing by several billion dollars through 2026. In 2024 alone, the company plans to cut over 20% of its capital expenditure, as the report notes.

Tesla Cuts Over 20,000 Jobs Across Teams

The report points out that Tesla executed two rounds of layoffs this year, first reportedly cutting at least 14,000 employees, followed by hundreds more, including senior executives and much of its Supercharging team.

According to the report, in an email to executives, CEO Elon Musk urged a “hardcore” approach to the cuts, stating that employees working under leaders who fail the “excellent, necessary, and trustworthy” standard would also be let go. Citing Bloomberg, the report notes that Tesla’s total workforce reduction could reach 20%, exceeding 20,000 employees.

Cisco Cuts Around 10,000 Jobs in Two Rounds

Cisco Systems, the networking giant, conducted two rounds of layoffs this year, as the report indicates. In February, the company reduced its global workforce by 5%, laying off approximately 4,000 employees. Later, it announced another 7% cut, cutting around 6,000 more jobs.

SAP Announces Restructuring Affecting 8,000 Employees

SAP has unveiled a restructuring plan impacting 8,000 employees, accounting for over 7% of its 108,000 full-time workforce. Despite the changes, the company stated that its overall headcount will remain unchanged by the end of the year, as noted by the report.

Uber Cuts a Significant Portion of Its Workforce

According to layoffs.fyi, Uber laid off 6,700 employees this year. The company has closed offices and re-evaluated its self-driving units, driven by a decline in its ridesharing business during the pandemic.

Dell Lays Off 6,000 Employees and Plans Further Cuts

Dell carried out its second major workforce reduction in two years, laying off 6,000 employees amid challenging market conditions. The report highlights that company’s personal computer division has faced weak demand, with an 11% revenue decline in 2023.

Dell has indicated that workforce reductions will continue in 2024, citing cost concerns and a slow recovery in PC demand, as highlighted by the report.

Bell Cuts 5,000 Jobs via 10-Minute Video Calls

Canadian telecommunications company Bell laid off approximately 4,800 employees—9% of its workforce—through 10-minute virtual video call terminations. The report notes that the company justified the restructuring as a strategic move to simplify its organization and adjust its business model, despite the significant impact on employees.

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