Intel (INTC, Financial) has emerged as the leading company in tech layoffs for 2024, cutting approximately 15,000 jobs. According to Layoffs.fyi, the total number of tech employees laid off by December 27 decreased by 43% year-on-year, from 264,220 in 2023 to 150,034 in 2024. Cisco follows closely, announcing a 5% global workforce reduction, roughly 5,000 jobs, in February and an additional 5,500 jobs in August, accounting for 7% of its employees. SAP SE also reduced its workforce by about 8,000.
The wave of layoffs in 2023 was driven by factors such as over-hiring during the pandemic, inflation, high interest rates, and recession fears. However, as the economy stabilizes and the Federal Reserve lowers interest rates, layoffs slowed in the latter half of 2024, a trend expected to continue into 2025.
In November, AMD (SMCI) announced a 4% workforce reduction, equating to about 1,000 jobs, to enhance its competitiveness in the data center and AI markets.
