Tech Layoffs in October 2024: Meta, Nokia, Intel, Kaspersky and Others Announce Layoffs of Hundreds of Employees This Month Amid Restructuring and Cost Saving
In October 2024, several tech companies implemented large-scale layoffs amid their restructuring and cost-cutting plans. The companies included Meta, Amazon, Kaspersky, Nokia, Intel and others. Some of the companies announced the plans for future layoffs.
Mumbai, October 22: Tech layoffs this year have been concerning to many employees working in the industry. In 2024, several tech companies have laid off thousands of employees by adopting techniques such as silent layoffs and voluntary retirement layoffs, encouraging them to resign, and informing them via email. The majority of the companies reduced their workforce because of the restructuring of their business.
According to Layoffs. Fyi website, this year, around 470 companies laid off around 1,41,145 employees due to various reasons. This month, the tech giant Meta introduced its latest rounds of layoffs. Meta reportedly laid off employees in its latest round of job cuts. The Mark Zuckerberg-owned tech giant implemented a restructuring of its business and reduced its workforce from WhatsApp and Instagram. Meta Layoffs: Mark Zuckerberg-Run Company Lays Off Employees From WhatsApp, Instagram and More To Reallocate Resources Amid Strategic Goals
Meta stayed silent about the layoffs and did not disclose the exact numbers of the affected. The Meta layoffs were implemented to reallocate business resources to achieve strategic goals. This month, audio entertainment platform Pocket FM also laid off 50 employees amid business realignment. British tech company Dyson also laid off employees from its global headquarters located in Singapore without any prior notice.
Besides these companies, the online video streaming platform Netflix also reduced its workforce amid PR reorganisation. The company said that it was making adjustments to its business model to streamline its operations. The video streaming giant reportedly cut 15 jobs from its film department. Amid this, Russian cybersecurity firm Kaspersky reportedly planned to lay off its London staff and close the UK office.
According to reports, Finnish tech giant Nokia aimed to lay off around 2,000 employees in Greater China and 350 employees in Europe as a part of cost-cutting measures. At the start of October, it was reported that insurance company IAG would also resort to layoffs, cutting 200 jobs as a part of the business restructuring. Amazon's CEO Andy Jassy also shared the e-commerce giant's plan to cut 14,000 managerial roles by Early 2025. He said it would help the company save up to USD 3 billion. Intel was reportedly planning to cut hundreds of jobs at the end of October 2024. Intel Layoffs: Chipmaker To Let Go Hundreds of Employees in Israel by Last Week of October 2024 as Part of Its USD 10 Billion Cost Reduction Plan.
Overall, many tech companies have announced large-scale job cuts to restructure their existing businesses, cut or save costs, or end operations. According to the latest reports, some companies, like PhonePe, have reportedly laid off 60% of their customer support staff in five years period due to the adoption of AI (artificial intelligence).
(The above story first appeared on LatestLY on Oct 22, 2024 07:15 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).