Over 149,000 tech workers lost job in 2024: Intel, Tesla, Cisco, Microsoft and other biggest tech layoffs this year

Intel cuts 15,000 jobs as in the toughest year in its history

Intel, facing significant losses in 2024, announced to cut $10 billion in costs by 2025, including laying off 15,000 employees, representing more than 15% of its current workforce of over 125,000.

The company will reduce R&D and marketing spending by billions annually through 2026, cut capital expenditures by over 20% this year, and restructure to eliminate non-essential work. Additionally, it will review active projects and equipment to optimize spending.

Tesla laid off over 20,000 employees across teams

Tesla made two rounds of job cuts this year, first reportedly laying off at least 14,000 employees, then again laying off hundreds more, including senior executives and most of its Supercharging team.

An email from CEO Elon Musk to executives last night stated that Tesla should be “absolutely hard core” about the cuts. Staffers working under executives who don’t pass the “excellent, necessary, and trustworthy test” will also be laid off.

Bloomberg reported that Tesla’s total headcount reduction could reach 20 percent, or over 20,000 employees.

Cisco cuts around around 10,000 jobs in two layoff rounds this year

Cisco Systems, the networking giant, cut jobs in two rounds this year. First, the company laid off about 5% of its global workforce, around 4,000 employees in February, and then again announced a 7% reduction, cutting around 6,000 more employees. Cisco CEO Chuck Robbins said that, “we’re now returning to a more normalized demand environment,” as the company shifted its focus towards high-growth areas like AI and cybersecurity this year.

SAP announced restructuring, 8,000 employees were affected

SAP plans job changes or buyouts for 8,000 employees in a restructuring plan, over 7% of its 108,000 full-time employees. The company stated that its headcount will remain the same by year-end.

Uber cuts over 6,5000 jobs

Uber laid off a total of 6,700 employees this year, according to layoffs.fyi. The company also closed offices, winded down labs, and was re-evaluating self-driving units due to the decline in ridesharing business during the pandemic.

Dell laid off 6,000 employees and continued job cuts later in the year as well

Dell did its second significant workforce reduction in two years, cutting around 6,000 employees amid challenging market conditions. The technology giant’s personal computer division has struggled with sluggish demand, experiencing an 11% revenue decline last year.

While the numbers aren’t clear, Dell said that it continue to reduce its workforce in 2024 due to cost concerns and a slow rebound in PC demand.

Bell cut around 5,000 Jobs on 10-minute video calls

Bell, a Canadian telecommunications company, eliminated approximately 4,800 positions—about 9% of its workforce—through 10-minute virtual video call terminations. Bell defends the massive restructuring as a necessary strategic move to simplify its organizational structure and transform its business model, despite the significant human impact of these job cuts.

Xerox laid off over 3,000 employees amid restructuring

Xerox announced plans to cut 15% of its workforce to implement a new organizational structure and operating model. The company had about 20,500 employees as of December 31, 2022, meaning the layoffs likely affected over 3,000 employees.

Xerox’s restructuring plan simplifies its core print business, boosts efficiency in global business services, and focuses on IT and digital services. The company also redesigned its executive team to support the new model.

CEO Steven Bandrowczak stated that the shift to a business unit operating model accelerates product and service delivery across all geographies.

Microsoft slashes over 2,500 jobs in Gaming division restructuring

Microsoft cut 1,900 jobs across Activision Blizzard, Xbox, and ZeniMax, representing about 8% of its Gaming division. The layoffs, aimed at establishing a more sustainable cost structure, come with notable leadership changes, including the departure of Blizzard president Mike Ybarra and chief design officer Allen Adham.

In September, the company cut again 650 staff, primarily from corporate and support roles to align its post-acquisition team structure

Paypal cut its workforce by 9%, laying off 2,500 employees

PayPal reduced its workforce by about 9% due to rising competition, profit pressures, and analyst downgrades. CEO Alex Chriss, aim is to “right-size” the company through direct cuts and eliminating open roles throughout the year.

PayPal, with around 29,900 workers in 2022, announced job cuts last January, affecting about 2,500 workers this time.

Eliminating jobs will help the firm deliver for customers and grow profitably, Chriss said in a letter. However, the company will continue investing in growth areas.

Byju’s cut 2,500 jobs this year

Byju’s eliminated 5% of its workforce this year, about 2500 employee, in addition to a few more hundred roles, as it struggles with clearing debts.