Tech Layoffs: Cisco, Sony, Amazon and these tech companies laid off more than 15,000 employees.
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Tech companies have seen an increase in layoffs in February 2024 and major companies in the sector have cut jobs. According to tracking site Layoffs.fyi, a total of 50,000 people have lost their jobs in tech companies so far in 2024. There has been a significant increase in layoffs due to increasing economic instability and changes in business priorities.
Cisco laid off more than 4000 employees
Cisco announced it would cut approximately 4,250 jobs, representing 5% of its workforce. Indeed, the cuts come as Cisco aims to focus on higher-growth business areas. Sources had earlier indicated that job cuts were on the cards at the company which employed about 85,000 at the end of fiscal 2023.
Expedia is cutting 1,500 jobs
Travel website Expedia is cutting about 1,500 jobs, mostly concentrated in its technology division. Expedia’s CEO cited eliminating “technical debt” as the motivation for the cuts.
Sony lays off 900 employees at PlayStation
Sony Interactive Entertainment announced one of the largest round of cuts, eliminating 900 positions or about 8% of its global workforce. The gaming giant said studios around the world would be affected, including heavyweight developers Naughty Dog and Insomniac Games.
Amazon cuts 400 jobs in medical unit
Amazon has cut about 400 positions in its One Medical and Amazon Pharmacy divisions. A spokesperson said the layoffs were intended to “reallocate resources” and accelerate efforts to improve health services.
Snap laid off more than 500 employees
Snapchat’s parent company Snap has announced that it is laying off approximately 528 employees, approximately 10% of its global workforce. Snap said this change will help them focus on executing on their top priorities and make incremental investments to support their growth over time.
Bumble cuts ties with 350 employees
Dating app Bumble also made deep cutbacks, laying off about 350 employees globally, 30% of its workforce. Bumble announced the cut despite the tax hike in its new quarterly earnings.
Paramount cuts 850 jobs across its streaming and other divisions
Paramount is laying off approximately 800 employees in February 2024, representing 3% of its workforce. The layoffs included Paramount’s portfolio of films, TV networks and streaming services. CEO Bob Bakish said the cuts are intended to help Paramount boost income and achieve its long-term vision amid streaming losses and declining taxes.
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