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Wave of Layoffs Hits Tech Industry in First Quarter of 2024: Major Companies Cut Thousands of Jobs

The technology industry has been rocked by a series of layoffs in the first quarter of 2024, as companies grapple with challenging market conditions and prioritize efficiency over growth. Beginning in 2023, the trend of job cuts has continued into the new year, with significant layoffs occurring across major tech giants. According to tracking site Layoffs, approximately 50,000 roles were eliminated in the industry during this period.


IBM, a stalwart in the technology sector, announced job cuts across its marketing and communications divisions. Jonathan Adashek, IBM's Chief Communications Officer, disclosed the layoffs during a brief seven-minute meeting. The move reflects the company's efforts to streamline operations and adapt to evolving market dynamics.


Dell, facing sluggish demand in its personal computer division, laid off approximately 6,000 employees, marking the second round of job cuts in two years. The company cited challenges in revenue growth and warned of near-term obstacles and rising input costs, despite expectations of net revenue growth.

Vodafone Germany:

Vodafone Germany implemented a plan to lay off 2,000 employees, aiming to achieve €400 million in savings over the next two years. The restructuring is part of a broader strategy to reduce costs while enhancing investments in areas that can enhance the customer experience. Philippe Rogge, CEO of Vodafone Germany, is set to leave the company as part of the executive reshuffle.


Ericsson announced the elimination of 1,200 jobs in Sweden due to decreased demand for 5G network equipment. The layoffs are part of the company's cost-saving measures to navigate a challenging mobile networks market in 2024.


Canada-based telecommunications giant Bell laid off nearly 5,000 workers, drawing criticism from Unifor, the largest private-sector union in the country. The layoffs, announced in virtual video calls, have sparked controversy, with Unifor accusing the company of prioritizing shareholder payouts over employee well-being.


Facebook's Messenger app underwent a reorganization resulting in the layoff of approximately 50 employees. The restructuring aims to streamline operations and improve efficiency within the Messenger platform.


Bengaluru-based virtual events platform Airmeet reportedly cut about 20% of its workforce in a recent restructuring effort. This marks the second round of layoffs for the company in the past year, reflecting ongoing challenges in the virtual events market.

The wave of layoffs in the technology industry underscores the need for companies to adapt to rapidly changing market conditions while balancing the well-being of their employees. As the industry continues to evolve, stakeholders will closely monitor how companies navigate these challenges and support their workforce during times of transition.

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