Tech layoffs 2024: IT companies lay off 100,000 employees till July 2024

Layoff trends in the tech sector continued in July 2024, with the loss of over 8,000 jobs across 34 tech firms. This brings the total number of layoffs for the year to 124,517 from 384 companies around the globe.

Intel to lay off 15,000 employees

Intel is set to lay off more than 15,000 jobs, which amounts to over 15 per cent of its total workforce, as part of a $10 billion cost-reduction strategy aimed at 2025. CEO Pat Gelsinger attributed these cuts to disappointing revenue growth and difficulties in leveraging AI trends effectively.