Major tech companies like Cisco, Intel, and others have reduced or are planning to reduce their labour force. So far this year, 422 companies have laid off 136,000 tech professionals, and 27,000 employees lost their jobs in August itself.
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Intel Cuts 15% Of Its Total Labour Force
Yesterday, in its memo, Intel announced that it would reduce its workforce by 15,000 people to reduce its spending by $10 billion by 2025. According to CEO Pat Gelsinger, the company’s sluggish revenue growth is due to high expenses and narrow profit margins.
Cisco To Lay Off Around 6,000 Employees
Cisco, another Tech giant, plans to reduce its global workforce by 7%, making it the second major layoff. Cisco CEO Chuck Robbins states that they are redirecting their focus to high-growth areas like artificial intelligence (AI) and cybersecurity. Cisco plans to invest $1 billion in AI startups and has also acquired the cybersecurity firm Splunk for $28 billion.
IBM Lay Off 1,000 employees
IBM is shutting down its research and development centres in China, resulting in the layoff of over 1,000 employees, as reported by the Chinese media outlet Yicai. This move follows the declining demand for IT hardware and the challenges that IBM has faced in its expansion efforts within the Chinese market.
Also read, Google Laysoff 200 Employees, Prepares Job Shifts
Apple lays off 100 employees
Apple recently laid off approximately 100 employees from its services division, including teams linked to the Apple Books app and engineering roles. This reflects Apple’s strategic focus on AI, reducing emphasis on Apple Books. Earlier this year, 600 jobs were cut, and a 121-member AI team in San Diego was disbanded.
