The tech industry continues to face significant challenges, with a series of layoffs announced in 2024 affecting thousands of employees across various sectors. Intel led the wave of job cuts by laying off 15,000 employees, equating to 15% of its total workforce. The move comes amid the company‘s efforts to streamline operations and reduce costs.
In a similar vein, a fintech startup that emerged in 2018 made headlines earlier this year when it abruptly shut down, impacting 17 employees, which accounted for about 15% of its workforce. Enphase, a key player in the solar industry, laid off 10% of its staff less than a year ago as it continues to navigate significant industry headwinds.
Cost-cutting measures have also prompted a COVID-19 test company to lay off half of its workforce earlier this month. Meanwhile, another unnamed entity filed documents with the U.S. Securities and Exchange Commission (SEC) detailing plans to eliminate 230 jobs, nearly 49% of its workforce.
In a broader context, the persistent wave of layoffs throughout 2024 saw over 150,000 job cuts across 542 companies, as reported by independent tracker Layoffs.fyi. This trend underscores the ongoing challenges faced by tech companies in adapting to market demands and economic pressures.
Since going public in 2021, 23andMe has been grappling with declining interest in its offerings, compounded by a data breach in 2023 that compromised the ancestry data of 7 million users. Consequently, the company has witnessed a staggering loss of over 99% of its value and is now cutting "more than 10%" of its global workforce, according to an internal email from CEO Elon Musk.
Additionally, Flexport is undergoing its second round of layoffs this year, having cut 20% of its staff in January. The company continues to restructure and adapt to changing market conditions. Meanwhile, an online travel agency has announced plans to eliminate roughly 10% of its workforce, affecting 60-65 employees as part of another reorganization effort.
Leave a Reply