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Pallavi Rao
2024-08-20 12:50:02
www.visualcapitalist.com
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Ranking All the Major Tech Layoffs in 2024 So Far
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Tech layoffs in 2024 started within the video game space—at Discord, Unity, and Twitch. As the year has progressed, other companies are also cutting jobs in the thousands.
We rank the biggest tech layoffs in 2024 by the number of workers affected in each company. Data is sourced from Layoffs.fyi and is current to August 15th. Multiple rounds have been combined for some companies.
Dell and Intel Are Downsizing Workforce Amidst AI Pivot
Internal sources at Dell say the company will cut 20,000 jobs this year, after an initial 6,000 in March. This particular arithmetic comes from inside the company. HR employees told Business Insider that Dell plans to bring its employee count under 100,000.
| Rank | Company | # of Employees | % of Company |
|---|---|---|---|
| 1 | Dell | 26,000 | 20 |
| 2 | Intel | 15,000 | 15 |
| 3 | Tesla | 14,500 | 10 |
| 4 | Cisco | 10,150 | 12 |
| 5 | SAP | 8,000 | 7 |
| 6 | Toshiba | 4,000 | N/A* |
| 7 | Paytm | 3,500 | N/A* |
| 8 | Getir | 3,300 | N/A* |
| 9 | PayPal | 2,585 | N/A* |
| 10 | UKG | 2,200 | 14 |
*Not available. Figures rounded to nearest hundred in the graphic.
As of May, 2024, the company employed roughly 120,000 people. Dell has not yet confirmed a number, but at least 12,500 people in sales and marketing teams have already been let go in August.
If implemented, this could be the company’s largest layoffs ever. The cuts are being driven by an AI-first restructure that is expected to continue to other parts of the organization.
Meanwhile, business headwinds are prompting big layoffs at Intel and Tesla. Intel’s foundry business is struggling, with nearly $7 billion in operating losses in 2023. They’ve also lost key clients in the PC business and haven’t yet made a splash in the GPU segment.
After they cut 15,000 jobs at the start of August, Intel share prices fell to levels not seen since July 1997. This chipmaker’s current fortunes are in stark contrast to now-market leader Nvidia who has reaped significant revenue from their AI segment.
Finally, Tesla is facing slowing demand in 2024. Their vehicle deliveries fell for the first time in nearly four years. Stiff competition in China has also led to price cuts that have put pressure on profit margins. The company cut 14,500 jobs in two separate rounds in April.
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Nvidia’s Jensen Huang has committed to no job cuts in the last couple of years. This might be a key reason why he ranks first on the Highest and Lowest-Rated CEOs (according to professional social network Blind).
The post Ranked: The Biggest Layoffs in Tech So Far in 2024 appeared first on Visual Capitalist.
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