In fresh wave of layoffs, 27,000 techies lose jobs in August: Report
With this round of layoffs, the total number of job losses in the tech sector globally has reportedly crossed 136,000 across 422 companies this year
Over 27,000 techies reportedly lost their jobs in August in a fresh wave of layoffs globally.
According to an Economic Times report, more than 40 companies, including industry giants such as Intel, Cisco, and IBM, have announced layoffs.
With these, the total number of layoffs in tech jobs this year has crossed 136,000 across 422 companies worldwide, says the ET report.
Big names make big cuts
Intel reportedly plans to slash 15,000 jobs in a cost-cutting drive. According to CEO Pat Gelsinger, high costs and low margins are leading to a revenue growth shortfall at Intel, known for its CPU chip revolution a quarter of a century ago.
Cisco Systems is set to cut some 6,000 jobs, accounting for about 7 per cent of its global staff. The networking giant reportedly aims to train its focus on growth areas such as artificial intelligence and cybersecurity.
IBM’s decision to withdraw its R&D operations from China will result in over 1,000 job cuts. The company will now reportedly prioritize only select multinationals and private enterprises operating in the Chinese market.
Layoffs in hundreds
German chipmaker Infineon also reportedly plans to lay off 1,400 employees and relocate another 1,400 to lower-cost countries.
Among other tech companies, GoPro has reportedly slashed its staff strength by 15 per cent, accounting for around 140 employees.
Apple will reportedly lay off around 100 employees, mostly from its services group.
Smaller firms in layoffs too
There are rumours in the market that Dell will also join in the bloodbath, with substantial layoffs. It is reportedly “reorganizing” its sales teams.
Among the smaller ones, Bengaluru-based fabric start-up ReshaMandi will reportedly lay off its entire workforce. Browser company Brave is reportedly set to cut 27 jobs, accounting for 14 per cent of its workforce.
Another Bengaluru-based company, ShareChat, a social media firm, will reportedly reduce its staff strength by 5 per cent, accounting for 30–40 jobs.