Tech Industry Layoffs: October 2024

Even as October 2024, the technology industry was not free of shifting workforce in many cases because many firms are re-releasing their downsizing in departments and areas. This round of restructuring touches the thousands of workers from social media employees to automobile manufacturers.

Meta

Meta has recently laid off several teams within the company to “right-size their workforce and better align it with their strategic priorities.” The company has not been specific about the extent of coverage and the teams involved; however, what is clear is that Threads, recruiting, and the legal teams were not affected.

Boeing

Boeing will reduce its headcount by 10% affecting around 17,000 people. These cuts have come after the Machinists union strike saw the company post a Q3 loss of $9.97 per share.

Stellaris

The automotive firm is planning to dismiss 1,100 of its workers in Michigan impacting its subsidiary brands like Chrysler, Jeep, Ram, and Dodge Automotive.

TikTok

The social media is dismissing hundreds of workers, many of them in Malaysia, since it plans to use AI for moderating the content. The company has stated that less than 500 people were impacted by this change.

Samsung

The company is axing employees in the Southeast Asia and Australia region due to operational efficiency the firm says. Though no specific numbers have been set for certain positions, the impacts could slash about 10% of employees within these markets.

Kaspersky

The cybersecurity company is closing its UK office and employing several workers. This comes just three months after the company started shutting down its U.S. operations.

NFX

The firm has dismissed four of its employees as they attempt to ‘reallocate’ more resources to investing from software and product groups.

Eaze

The cannabis delivery platform is cutting 500 employees as it starts to wind up its operations. Chief Executive Cory Azzalino cited the “ongoing challenges of the California cannabis market” for closure.

PubMatic

The company has made a 1% cut of its overall workforce, touching two dozen employees, as it reportedly focuses on connected TV advertising.

Tome

The AI startup has laid off nearly a third of its workers in what it described as an attempt to “reset.”

That is the company’s second layoff round in 2024.

Alma

The company has cut its workforce by close to 9%, chopping almost every division in a bid for “long-term sustainability.”

Flexport

The company is cutting its employees’ headcount by nearly 2%. That would be Flexport’s second layoff round this year after the group decided to cut its staff by 20% in January.

FreshBooks

The company chopped 140 employees across all of its functions to become profitable, according to Mara Reiff, a statement the company’s chief executive confirmed through blogging posts.