Tech jobs blood-bath

US-based companies have made 120,283 job cuts – more than half the global total.

In China 12,900 employees have been laid off, in Germany 12,547, in Japan 12,240 and in India 8,560.

Last year, over 260,000 tech workers worldwide lost their jobs.

AI-prompted downsizing, economic slowdowns, rising inflation, declining stock prices, slowing sales and concerns about a potential recession are all contributors to the lay-offs

California-based tech companies have taken the lead in layoffs this year with a total of 50,813 job cuts, representing 42.24% of all job losses nationwide. 

Intel has eliminated 15,000 jobs or 29.52% of the total job losses in California. Cisco has laid off 8,000 people and PayPal, has laid off 2,500.

After cutting 6,000 jobs earlier this year, Dell has now announced an additional reduction of approximately 10% of its workforce, or around 12,500 employees. This latest round of layoffs is part of a 

Intel’s cuts aim to reduce costs by over $10 billion annually after a  $1.6 billion Q2 loss while it tries to regain leading-edge process technology..

EV manufacturer Tesla ranks third in layoffs this year so far, cutting approximately 10% of its workforce, or about 14,000 employees after a quarter when Tesla missed delivery estimates and had a fall in  sales.

China’s Li Auto also ranks high on the list, having reduced its workforce by 10,000 employees, which represents 77.52% of all job cuts made by Chinese companies since the beginning of the year. 

German software giant SAP has sacked around 9,500 positions as part of its 2024 restructuring plan, Japan’s Toshiba has sacked 9,000 and other companies with significant lay-offs include Getir, Paytm, Telefónica, Microsoft, and Xerox.

For this report, the BestBrokers team analysed a total of 818 layoff announcements from the technology sector listed on the IT job portal trueup.io between January 1, 2024, and September 2, 2024