[cityhantam]

https://economictimes.indiatimes.com/job...s?from=mdr

Mass layoffs hit tech industry: Over 27,000 jobs cut as Intel, Cisco, IBM, and Apple slash workforce


Tech companies continued to cut jobs at a rapid pace in August 2024. More than 27,000 workers in the industry lost their jobs as over 40 companies, including big names like Intel, IBM, and Cisco, as well as numerous smaller startups, announced layoffs. To date, more than 136,000 tech workers have been laid off by 422 companies in 2024, indicating significant upheaval in the sector.

Intel
Intel is undergoing one of the most challenging periods in its history, announcing 15,000 job cuts, which represents over 15% of its workforce. These layoffs are part of a $10 billion spending reduction plan for 2025, spurred by a disappointing second-quarter earnings report and outlook. Annual revenues for the company fell by $24 billion between 2020 and 2023, despite a 10% increase in its workforce during the same time frame. CEO Pat Gelsinger stated, "Intel’s revenue growth shor ..
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