Tech industry overshadowed by cloud of layoffs. Around 260,000 people lost their jobs globally, says report. Watch the video to get more insights!

What does the recent wave of tech layoffs mean?

Just 12 days into 2024 and the layoff season is back to haunt the tech sector. The latest company to sack its employees is Discord the instant messaging platform announced it is letting go of 17% of its staff, approximately 170 employees.

Discord lays off 17% of its staff, blames over hiring for mass layoff

In January 2023, Google laid off 12,000 employees, which is 6% of its workforce. This was the largest layoff in the company's history. The layoffs were part of an effort to reduce costs and streamline operations. Most of the employees let go were working on voice-based Google Assistant and the augmented reality hardware team.

Google lays off hundreds of workers across division

E-commerce giant Flipkart is gearing up for a significant restructuring initiative as part of its strategy to streamline resources and sustain profitability, as reported by Times of India.

Flipkart plans performance-based layoffs, anticipating 5-7% workforce reduction in March, claims report

Iconic American cartoon character Mickey Mouse entered the public domain on Monday as its copyrights with Disney expired under the United States law on the last day of 2023, after a whopping 95-year time period.

Disney's Mickey Mouse enters public domain as copyright expires

Nike's stock tumbled on friday after the shoe manufacturer announced cost and job cuts. Nike's "More cautious consumer behavior" comments weighed on competitor brands and sportswear stores. Nike's plans are in reaction to weaker sales. Amidst a worse sales forecast in China and globally, Nike said it is seeking to save up to $2 billion in costs.

Nike to slash jobs and streamline operations

Elsa, Anna, Olaf, and Sven discover their new home on a subtropical island in Asia as the World of Frozen, Disney's inaugural themed land dedicated to the Frozen franchise, opens its doors at Hong Kong Disneyland on November 20.

Hong Kong Disneyland welcomes guests to the inaugural World of Frozen

Nokia Corporation announced its intention to reduce headcount and achieve financial stability by laying off a significant number of employees. In an attempt to simplify operations and save expenses, the corporation plans to eliminate 14,000 positions.

Slowing demand for 5G equipment forces cost-cutting measures

LinkedIn cut 668 employees across its engineering, talent, and finance teams. This marks the second round of job cuts this year for the company, affecting more than 3% of its 20,000-strong staff. LinkedIn trimmed its workforce in May by eliminating 716 positions within its sales, operations, and support departments.

LinkedIn announces second round of layoffs

In a move to counteract a noticeable decline in revenue growth, LinkedIn has announced a significant workforce reduction the social media Network for professionals owned by Microsoft will cut 668 employees across its engineering talent and finance teams. This marks the second round of job cuts this year for the company affecting more than 3% of its 20,000-strong staff.

LinkedIn announces more layoffs amid slowing revenue growth

In response to economic challenges and a notable revenue slowdown, LinkedIn, the professional social network owned by Microsoft, has embarked on a significant transformation.

De-linking 668 employees: LinkedIn trims workforce as part of its 'restructure & streamline' strategy

A Bloomberg report citing a memo showed Elon Musk's X corp. Has agreed to try and resolve claims by hundreds of former twitter employees who feel they were robbed of severance compensation.

Elon Musk's ‘X’ seeks resolution for former layoff lawsuits

Amid challenges and triumphs, Disney navigates the evolving industry with a new strategy: price hikes & cost cuts. With over a billion dollars in operating income improvements within the streaming business over three quarters, Disney's sights are set on streamlining operations for profitability by 2024.

Disney hikes streaming prices

Zoom, the video conferencing company that became synonymous with working from home during the coronavirus pandemic, has joined the parade of companies requiring workers to show up in person.

Zoom calls employees back to office after riding work from home wave

The latest to join the layoff spree is the Pokemon Go maker Niantic, which on Thursday (June 29) said that it would let go of 230 employees as a part of a restructuring that is aimed at stabilising the organisation's finances.

Pokemon Go maker Niantic lays off 230 employees, shuts down some games

Accounting giant KPMG is all set to lay off 5% of its employees in the united states as it feels the pinch of (quote unquote) economic headwinds and low attrition rates. This will be the second set of layoffs at the accounting giant this year. In February, it had laid off 2% of its workforce.

KPMG to cut 5% of jobs in the US

The global economic slowdown has taken its toll on banking and finance giants. Latest reports suggest that Goldman Sachs and JP Morgan, two of the biggest names in global finance, are laying off scores of employees globally. Goldman Sachs has started laying off managing directors across the world as deal making slows down amid a downturn in the global economy. On the other hand, JP Morgan chase is cutting about 40 investment bankers in North America.

JP Morgan, Goldman Sachs join layoff bandwagon

For the first time ever, Artificial Intelligence has been included as one of the reasons behind American companies executing job cuts. The US companies cut over 80,000 jobs last month, up 20 per cent from April due to reasons such as market conditions, restructuring and buyouts and Artificial Intelligence, according to a report by Chicago-based outplacement firm Challenger, Gray & Christmas.

Thousands lose jobs as Artificial Intelligence replaces humans in tech sector

Chinese e-commerce giant Alibaba on Thursday said it plans to hire 15,ooo people in 2023, surprising market watchers who expected the company to lay off employees amid the global economic slowdown.

Alibaba makes a U-turn on layoffs, says it will hire 15,000 people in 2023

In a strategic move to streamline its operations and optimize its workforce, Facebook-owner Meta has initiated its latest round of layoffs, representing the final phase of a three-part plan announced in March.

Meta's 10,000 layoff target: Non-engineering roles take a hit

After the tsunami of mass layoffs, big tech giants are now hiring lower-paid tech workers from foreign countries. Many of the big Silicon Valley companies like Google, Meta, Amazon, Microsoft, Zoom, Salesforce and Palantir have applied for thousands of H-1B worker visas this year, reported independent investigative journalist Lee Fang, citing a US Department of Labor data.

Big tech companies now hiring low-paid H1B workers after mass layoffs: report

Twitter flies free, at least for now after. This comes after a California federal judge dismissed a proposed class action accusing Twitter INC of targeting female employees for layoffs after Elon Musk acquired the company last year. But the court also said plaintiffs would be allowed to amend the lawsuit to add more details.

Twitter free from layoff lawsuit, for now

Media reports show that global chipmaker Qualcomm has begun laying off its employees. The layoffs are a part of the company's efforts to 'support long-term growth and success.'

5% of the workforce to be laid off at Qualcomm

Pulitzer Prize winning digital media company BuzzFeed will shut down its news division cuts another 15% of its staff across the company, adding to layoffs made earlier this year.

BuzzFeed News is shutting down as part of company-wide layoffs

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