Tech layoffs cross 100,000 in July 2024: Intel, Microsoft, Dyson, UKG and these companies cut thousands jobs

The wave of tech industry layoffs persisted through July 2024, with over 8,000 professionals across 34 technology companies lost their jobs this month. The total layoff count for 2024 has now reached 124,517 employees from 384 companies worldwide.

Intel mass layoffs, over 15,000 employees to let go

Intel is laying off over 15,000 employees, representing more than 15% of its workforce, as part of a $10 billion cost-saving initiative for 2025.CEO Pat Gelsinger cited lower-than-expected revenue growth and challenges in capitalising on AI trends as reasons for the measures. The company plans to complete the majority of layoffs by the end of 2024 and will offer voluntary retirement and departure options to eligible employees.

Microsoft lays off over 1,000 staff in last two month

In June, Microsoft laid off around 1,000 employees across Mixed Reality and Azure ‘moonshots’ departments. A month later, in July, several employees took to social media after they were let go. While Microsoft didn’t confirm the latest round of job cuts, those affected say that the trimming down affected roles related to product and product management. However, no number has been disclosed.

Software giant UKG cuts 2,200 jobs

Massachusetts-based software company UKG initiated the month’s largest layoffs, cutting 14% of its workforce—approximately 2,200 employees. The company, which previously employed 15,882 people, cited a need to focus on critical growth areas to support its long-term strategy.

Intuit lets go of 1,800 employees

California-based financial management software firm Intuit Inc. announced plans to eliminate 1,800 jobs, representing about 10% of its staff. This marks the second-largest layoff event in the tech sector for July.

Dyson cuts 1,000 jobs at its headquarters

Dyson, the British appliance manufacturer, announced plans to cut approximately 1,000 jobs in the UK, affecting more than a quarter of its local workforce. CEO Hanno Kirner cited fierce competition and rapid innovation as reasons for the restructuring. The company, which employs around 15,000 people globally, has promised support for affected employees but did not specify the total number of worldwide job cuts, as reviews are being conducted on a country-by-country basis.

Kaspersky to lay off all its employees in the US as it exits the country after ban

Russian cybersecurity firm Kaspersky announced it will cease operations in the United States and lay off dozens of employees following a U.S. government ban on its software. The ban, set to take effect on July 20, 2024, cites security risks due to the company’s Russian headquarters. The company, which initially planned to challenge the ban, now acknowledges its U.S. business is “no longer viable” and will “gradually wind down” operations, affecting less than 50 employees in the country.

Bengaluru startup ReshaMandi lays off 80% of staff

ReshaMandi, a Bengaluru-based startup specializing in silk yarn products, has laid off 80% of its workforce after failing to secure Series B funding. The startup’s employee count dropped from 500 in January 2023 to around 100 by year-end, with reports suggesting that 300 former employees are still awaiting final dues and salaries.

Koo shut downs operations, all the employees laid off

Indian microblogging platform Koo, once seen as a potential rival to X (formerly Twitter), closed its doors after acquisition talks with Dailyhunt fell through. The company reportedly employed around 200 staff as of September 2021.

Unacademy restructures, cuts 250 jobs

Indian edtech giant Unacademy announced layoffs affecting approximately 250 employees. The restructuring impacted 100 staff in marketing, business, and product roles, along with 150 in sales positions.

WayCool slashes workforce by 200 employees amid funding struggles

Chennai-based agritech firm WayCool laid off over 200 employees in its third round of job cuts within a 12-month period. The company cited streamlining efforts to prevent losses as it grappled with funding challenges.

PocketFM fires 200 writers for its internet FM show

Bengaluru-based audio series platform PocketFM reportedly laid off close to 200 writers, primarily affecting its US-based audio series team. The exact number of affected employees remains unclear.

Sony-owned Bungie cuts 220 staff, reassigning 155 others

Bungie, the game development studio owned by Sony, has announced a significant round of layoffs, cutting 220 jobs (17% of its workforce) due to rising development costs and economic pressures. This follows a previous round of 100 layoffs in October 2023, bringing the total workforce reduction to about 40% over the past year. CEO Pete Parsons cited overly ambitious growth and financial strain as reasons for the cuts. Alongside the layoffs, Bungie is working with Sony Interactive Entertainment to reassign 155 employees to other departments within SIE. Despite these changes, Bungie plans to maintain focus on its core projects, Destiny 2 and Marathon, with over 850 team members still dedicated to these games.

Humble Games lays off entire staff as it fails to find a buyer

Indie publisher Humble Games, a subsidiary of Ziff Davis, has laid off its entire team of 36 employees. The company, which has published nearly 50 indie games, initially faced rumours of closure but later clarified it would continue operations. Internal documents reveal that Ziff Davis attempted to sell Humble Games twice in recent years without success.