Tech Industry Faces Major Layoffs in 2024

The tech industry continues to experience a significant wave of layoffs in 2024, with over 124,517 employees affected across 384 companies globally. Major companies like Intel, Microsoft, Google, and Amazon have implemented sizable workforce reductions, with Intel alone cutting over 15,000 jobs as part of a $10 billion cost-saving initiative. Smaller firms and startups have also been impacted, with some shutting down operations entirely. The primary reasons cited for these layoffs include economic concerns, underperformance in revenue growth, and increasing reliance on AI and automation. Surveys indicate that nearly 40% of business leaders expected layoffs this year, largely due to recession fears and the integration of AI technologies. The ongoing layoffs highlight the broader impact on innovation and the human cost of job losses in the industry.