The tech industry is continuing to struggle in 2024, with numerous companies announcing layoffs following a wave of job cuts in 2023. Major players like Intel, Dyson, Microsoft, and UKG are making significant reductions in their workforce, citing factors such as declining revenue, intense competition, and rapid technological advancements. The scale of these layoffs suggests the tech sector is facing significant challenges that will require strategic planning and adaptation to overcome.
Tech giants like Google, Microsoft, and Meta continue to cut jobs in 2024, citing a need to streamline their workforces. These layoffs are attributed to overhiring during the pandemic and the need to adapt to new technologies like AI.
The tech industry in the Bay Area has been hit hard by mass layoffs, with thousands of employees losing their jobs. Companies like Tesla, Google, Salesforce, and Lyft have all recently announced significant staff reductions. Tesla has laid off 6,020 employees in an effort to combat slowing demand and falling margins. Google has cut 12,000 jobs, or 6% of its global workforce. Salesforce has laid off 8,000 employees, or 10% of its workforce. And Lyft has cut 1,806 jobs, or 34% of its workforce.
