TECH LAYOFFS EXPOSED - The Factors Behind Big Tech's Decline

The year 2024 was marked by significant turbulence in the technology sector. Over 260,000 employees were laid off across more than 1,200 companies, signaling ongoing challenges despite a 42% reduction in layoffs compared to 2023. While the scale of job cuts declined from the previous year, the impact on the workforce and the industry was substantial, reflecting both macroeconomic challenges and internal restructuring within major firms.

- 

Major Layoffs in 2024

Several prominent technology companies implemented large-scale workforce reductions throughout the year. These layoffs were often driven by economic pressures, shifting priorities, and the need for operational efficiency. Below are some of the most significant examples:

Cisco Systems

In August 2024, Cisco announced its second major round of layoffs for the year, affecting thousands of employees. This move came as part of a broader restructuring effort aimed at addressing the company's evolving market strategy. The layoffs targeted specific roles deemed less critical in the current technological landscape.

Apple

Apple, a company known for its innovative prowess, laid off around 100 employees in its digital services division, particularly in the Apple News and Apple Books teams. This decision was part of a cost-cutting measure to streamline operations and focus on more profitable areas of the business. While relatively small compared to other tech layoffs, this marked a significant shift for a company that has historically been more resistant to workforce reductions.

Meta Platforms

Meta Platforms, the parent company of Facebook, Instagram, and WhatsApp, carried out job cuts across multiple divisions, including Instagram, Reality Labs, and WhatsApp. These layoffs highlighted the company's efforts to refocus on its core areas, such as the development of its metaverse initiatives and advancements in Al technology. The reductions also indicated a broader trend of periodic layoffs becoming a norm in the tech industry.

Microsoft