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Tech layoffs: Intel, Cisco, IBM and Apple cut over 27,000 jobs in August
In August 2024, over 27,000 tech workers were laid off from 40 companies, including Intel, IBM, and Cisco.
Tech companies cut jobs at a rapid pace in August 2024 as more than 27,000 employees in over 40 companies, including big names like Intel, IBM, and Cisco, announced layoffs. In 2024, more than 136,000 tech workers have been laid off by 422 companies. Here's a look at major tech layoffs in August:
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1. Intel: The company announced 15,000 job cuts- over 15% of its workforce- which are part of a $10 billion spending reduction plan for 2025 owing to disappointing second-quarter earnings report. Annual revenues for the company fell by $24 billion between 2020 and 2023 and CEO Pat Gelsinger stated, "Intel’s revenue growth shortfall is attributed to high costs and low margins, despite our leadership in the CPU chip revolution 25 years ago."
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2. Cisco Systems: The company announced it is laying off around 6,000 employees- 7% of its global workforce- as it focuses on AI and cybersecurity. This is the company's second major round of job cuts this year on which CEO Chuck Robbins said that “Cisco is optimistic about rebounding demand for our networking equipment.”
3. IBM: IBM decided to discontinue its research and development operations in China laying off over 1,000 employees. The company said, “IBM will now prioritize serving private enterprises and select multinationals within the Chinese market.”
4. Infineon: The German chipmaker cut 1,400 jobs and said that it would relocate another 1,400 to countries with lower labor costs. Company's CEO Jochen Hanebeck said, “The slow recovery in target markets is due to prolonged weak economic momentum and excess inventory levels.”
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5. GoPro: The action camera manufacturer is cutting about 15% of its staff, totaling around 140 employees to reduce operating expenses by $50 million.
6. Apple: Apple laid off around 100 employees from its services group, which includes the Apple Books app and Apple Bookstore teams. Previously, the company cut 600 employees from its Special Projects Group and closed a 121-person AI team in San Diego in January.
7. Dell Technologies: The company may have laid off about 12,500 employees, or 10% of its global workforce, it was reported. Although, the company did not confirm the development.
