Massive Tech Layoffs Continue in 2024 with Almost 41,800 Job Cuts Year-to-date

After a shocking number of
job cuts in 2023, the worst year the tech industry has ever seen, the massive
wave of layoffs continues this year. Although the tech giants have weathered
the crises and come out the other side relatively unharmed, many have continued
cutting their staff numbers in the last two months.

According to data presented
tech companies laid off almost 41,800 employees year-to-date, only 6,000 less
than in the entire second half of 2023. 

SAP, Cisco, PayPal,
and Farfetech Layoffs Lead the 2024 Numbers

After a peak in the first
months of 2023, the wave of layoffs in the tech industry has gradually weakened
but still resulted in the highest annual number of job cuts this industry has
ever seen. However, it seems that tech companies are again picking up the pace
of layoffs in 2024.

Last year, the tech
companies, led by the industry’s giants, Google, Meta, Microsoft, and Amazon,
laid off 262,915 people, or 100,000 more than a year before. Although the
entire market significantly recovered from the 2023 crisis, with all the major
companies seeing their revenues and stock values skyrocket, almost 170
companies, from retail and crypto to finance and transportation markets, have
been forced to make painful cost-cutting measures this year.

As our charts based on data
from shows, since the beginning of the year, tech companies have
laid off 41,793 employees, or only 6,000 less than in the second half of 2023.
Almost 40% of all job cuts in the past two months came from only four companies.
Statistics show the German software service provider SAP leads in 2024 layoffs,
with 8,000 job cuts as part of a “restructuring process” announced
last month. Cisco, PayPal, and Farfetech follow, with 4,250, 2,500, and 2,000
layoffs, respectively.

However, another six
companies laid off 1,000 employees or more, including two GAFAM members,
Microsoft and Google, Block, eBay, Wayfair, and Citrix. Analyzed by their
location, most of the companies that made job cuts in 2024 are headquartered in
the United States.

Almost Half a Million
Job Cuts in Four Years

The latest layoffs have
pushed the cumulative number of job cuts in the tech sector to shocking levels.
Statistics show nearly half a million people working in the industry have lost
their jobs since the beginning of 2021.

Even more shockingly, around 25% of all job cuts
came from only 15 companies, including the GAMAF group and other tech giants
like Ericsson, Salesforce, Phillips, Micron,, IBM, Uber, and
Twitter.  US tech giants had a massive role in the total layoff figures,
with eight out of the ten largest job cuts to date.