Cisco joins the string of tech layoffs: A look at other job cuts in 2024

Tech layoffs 2024: The layoff spree in technology companies has spilled into 2024, with American network gear company Cisco joining the list of tech companies cutting jobs.

As of February, about 1.5 lakh employees in the United States have been let go of, Crunchbase data states.

Cisco, which is set to announce its quarter results on February 14, has said it will lay off thousands of employees as part of a business restructuring, Reuters reported.

Cloud-based software company Salesforce has also let go of 1 per cent, or 700 of its global workforce in late January. The company has 70,000 employees. It has not been ascertained which departments will be affected as part of the restructuring.

The company in 2023 had laid off 10 per cent of its workforce, in response to “overhiring” during the pandemic.  

E-commerce major Amazon this year is also looking to slash jobs in its medical division, in its One Medical and Amazon Pharmacy units, with reports suggesting 400 employees to be impacted as part of the job cuts.

It was earlier reported that the American technology company will let go of Twitch, Prime Video, and MGM Studios employees.

Microsoft will also be laying off 1,900 staff in its gaming division, after acquiring Activision Blizzard months ago.

Nokia will also be cutting 10,000 jobs globally in functions such as sales and marketing as part of an organisational restructuring. The smartphone maker recently saw a rebranding exercise with HMD Global, the parent company, being the new name of the company.
The company, which has appointed Tarun Chhabra, formerly the head of mobile networks and senior vice president, as its new India head, will see 1,400 roles impacted in India.

Snapchat parent Snap is cutting its global headcount by 10 per cent, affecting 540 employees. In its results announcement last week, the company forecasted a decline in revenue for the first quarter.

Other companies that have laid off employees include PayPal and eBay. While PayPal has announced 9 per cent or about 2,500 of its workforce being impacted by a reduction drive, eBay this year also let go of 1,000 full-time staff in cost-cutting measures.

The companies are attributing these layoffs to restructuring, financial issues and AI replacing roles.