Layoff Events

Ready Robotics on 2024-08-09.

In September 2024, U.S. tech and networking giant Cisco conducted its second major layoff of the year, affecting thousands of employees. This followed an announcement in August that the company would reduce its global workforce by 7%, equating to approximately 5,600 employees, as part of a restructuring effort to invest in key growth areas and improve efficiency. This round came after an earlier layoff in February 2024 that cut about 4,000 jobs. The cuts impacted various units, including the Talos Security threat intelligence team. Notably, the layoffs were implemented despite Cisco reporting nearly $54 billion in annual revenue for 2024, which it described as its second strongest year on record. The company faced internal criticism for a month-long delay in notifying affected staff and for workplace culture concerns raised by employees.

iCIMS, a leading provider of talent acquisition software, conducted a layoff affecting approximately 8% of its workforce in early 2024. This reduction impacted around 100 employees out of a total of roughly 1,250, as part of a strategic restructuring to streamline operations and focus on core product development. The move reflects broader adjustments within the competitive HR technology industry, where companies are optimizing resources to enhance efficiency and maintain growth.

Fastly, a content delivery network company, has announced a restructuring plan that includes reducing its global full-time workforce by approximately 11%. While the exact number of employees affected was not specified, this layoff is part of an effort to streamline operations, with the company estimating related charges between $9.5 million and $10 million. The move reflects broader adjustments within the tech industry as companies aim to optimize costs and improve efficiency amid evolving market conditions.

Submittable laid off 40 employees on 2024-08-08.

Techstars is laying off 17% of its workforce, citing overbuilding and overhiring, with most cuts in engineering, support services, and sales/partnerships. The layoffs follow a 7% reduction in January and coincide with the end of its J.P. Morgan-backed AdvancingCities program, which is shutting down after the fund is deployed by year-end.

LegalZoom representing approximately 15% of its workforce on 2024-08-07.

Eventbrite laid off 100 employees representing approximately 11% of its workforce on 2024-08-07.

Mobius Motors, a Kenyan vehicle manufacturer and assembler, is shutting down entirely and entering voluntary liquidation, resulting in the layoff of all its employees. The company, which had raised $56 million and produced affordable SUVs for African terrains, failed in its year-long recovery efforts due to severe financial struggles that left it unable to pay suppliers and salaries. A creditors' meeting is scheduled for August 15, 2024, following a shareholder resolution on August 5, marking the end of the mobility startup that once aimed to serve SMEs in remote areas.

Teradata representing approximately 13% of its workforce on 2024-08-06.

Axios Media laid off 50 employees representing approximately 10% of its workforce on 2024-08-06.

Dell Technologies is conducting a significant workforce reduction as part of a reorganization of its sales and marketing teams, with reports indicating up to 12,500 employees, or approximately 10% of its global workforce, could be affected. The exact number remains unconfirmed, as the company has not provided specifics, but the move aims to streamline operations and prioritize investments, particularly in emerging areas like artificial intelligence services. This follows a series of layoffs over the past year, including 6,000 cuts in February 2023, as Dell faces challenges such as competitive pressures and shifting market demands impacting profitability. The tech industry continues to see workforce adjustments, with similar recent actions by companies like Intel.

Infineon laid off 1,400 employees on 2024-08-05.

On August 5, 2024, mobile game developer and publisher Jam City laid off approximately 85 employees, representing about 10% of its workforce. This reduction brings the company's total employee count down from around 1,400. CEO Josh Yguado cited that the anticipated industry recovery in 2024 did not meet expectations, with challenging conditions projected to persist until the latter half of 2025. This marks the studio's second major round of layoffs, following a 17% cut in 2022, despite the company being profitable. Jam City, known for titles like Disney Emoji Blitz and Harry Potter: Hogwarts Mystery, operates in the competitive mobile gaming industry.

ShareChat laid off 30 employees representing approximately 5% of its workforce on 2024-08-03.

Avaya, a prominent player in the unified communications and collaboration industry, laid off approximately 180 employees in late July 2024, representing about 3% of its workforce. The company framed this as a strategic restructuring rather than mass layoffs, aiming to reallocate resources toward new roles with differentiated skills. This move is part of a broader transformation to focus more on serving Global 1500 enterprises, requiring a shift in sales strategy and product offerings. The restructuring coincides with a leadership transition, as CEO Alan Masarek prepares to retire, with Patrick Dennis set to continue the company's existing vision. Analysts view these changes as necessary for Avaya to stay competitive and deliver on its strategic goals in the enterprise CX market.

Rad Power Bikes on 2024-08-01.

Intel laid off 15,000 employees representing approximately 15% of its workforce on 2024-08-01.

Delivery Hero laid off 200 employees on 2024-07-31.

Bungie laid off 220 employees representing approximately 17% of its workforce on 2024-07-31.

In July 2024, dating app giant Match Group announced a workforce reduction of 6% as part of a strategic shift away from livestreaming services, a feature that had gained popularity during the COVID-19 pandemic. The layoffs coincided with the discontinuation of livestreaming on its apps Plenty of Fish and BLK, as well as the shutdown of the Hakuna app acquired from Hyperconnect. The company cited changing user behavior in the post-pandemic world, with people returning to in-person dating, making the feature less viable. Match Group is now refocusing its efforts on other areas, including generative AI, to drive future growth in the competitive online dating industry.

Bungie is laying off 220 employees and moving others to PlayStation as part of a restructuring effort.

NerdWallet representing approximately 15% of its workforce on 2024-07-30.

Moxion Power, a California-based manufacturer of mobile battery energy storage systems, laid off approximately 50 employees in early 2024, representing about 12% of its workforce. The company, which operates in the clean energy and industrial technology sector, cited a strategic restructuring to extend its financial runway and focus on key commercial and manufacturing priorities amid broader market challenges. This reduction follows significant prior growth and investment in the company.

OrCam, an Israeli assistive technology startup, is closing its glasses department for the visually impaired and laying off dozens of employees in its third round of cuts this year. This follows earlier layoffs of 100 workers in June and 50 three months prior, leaving the company with only several dozen staff remaining. The decision, announced on July 28, 2024, stems from technological progress in AI and language models, which have made smartphone-based alternatives to OrCam's Low Vision products largely redundant. Consequently, the company will now focus exclusively on its Hear division for hearing aids. Founded by Mobileye's founders, OrCam had previously aimed for a high-value IPO, but those plans have stalled due to market conditions.

Pocket FM, an audio streaming platform backed by Lightspeed, has laid off close to 200 writers, specifically those working on US-based audio series. While the exact number was not officially disclosed, it is reported to be less than 200, and the company clarified that these writers were on short-term contracts rather than full-time employees. The layoffs, occurring around a month after Pocket FM partnered with GenAI platform ElevenLabs to convert text stories into audio, were implemented to align resources with the current show pipeline. Founded in 2018, Pocket FM operates in the media and entertainment industry and recently secured $103 million in Series D funding to expand in the US, Europe, and Latin America. Despite the layoffs, the company emphasized that these adjustments are common in content creation and do not reflect its overall health, noting significant revenue growth in its India division.

Agritech startup WayCool, based in Chennai, has laid off over 200 employees in its third round of job cuts within a year, as reported on July 26, 2024. This restructuring effort, affecting staff across multiple cities and subsidiaries, aims to streamline operations and achieve profitability amid a severe funding crunch. The company, backed by Lightbox, has faced worsening financial difficulties, including delayed salaries and client payments. Following previous layoffs of over 300 in July 2023 and 70 in February 2024, this move highlights ongoing challenges in the competitive agritech sector as the startup struggles to secure capital and manage losses.

Webflow, a web design and development platform, has announced a restructuring that includes laying off approximately 8% of its workforce. While the exact number of affected employees wasn't specified, the company stated the decision is aimed at sharpening focus and accelerating growth for its next phase. The layoffs were communicated by CEO Linda Tong, who emphasized that the company's business and financials remain strong. This move reflects a broader trend of tech companies streamlining operations to adapt to market demands and prioritize strategic initiatives.

Humble Games laid off 36 employees representing approximately 100% of its workforce on 2024-07-23.

On July 23, 2024, AI startup Cohere laid off approximately 20 employees, representing about 5% of its 400-person workforce. This move came just a day after the company announced a significant $500 million funding round, valuing it at $5.5 billion. CEO Aidan Gomez described the layoffs as a necessary step to remain competitive and at the forefront of the generative AI industry, emphasizing a need to align the team with strategic priorities. Despite the cuts, Cohere, a Toronto-based competitor to OpenAI and other major AI firms, plans to continue hiring aggressively, with an aim to double its headcount in 2024. The layoffs highlight the ongoing challenges and high costs in the rapidly evolving AI sector, where companies balance massive investments with the pressure to deliver performance and revenue.

Bluelearn, an edtech startup based in Bengaluru and backed by Elevation Capital, has shut down operations in July 2024. The three-year-old company, which began as a Telegram community and grew to over 250,000 members, struggled to scale its upskilling and job search platform into a sustainable, venture-sized business. As a result, the founders announced the closure and will return 70% of the approximately $4 million in capital raised to investors. This shutdown reflects broader challenges in the startup ecosystem, where many companies, including other edtech firms, have ceased operations due to difficulties in growth, funding, or regulatory environments.

Japanese online marketplace Mercari has laid off nearly half of its U.S. workforce, a significant reduction driven by sustained losses and intense competition from low-cost Chinese rivals like Temu. The U.S. subsidiary of the retail platform has been unprofitable since late 2021, with inflation-weary American consumers cutting back on discretionary hobby spending that Mercari's marketplace often serves. This restructuring, reported in July 2024, highlights the pressures on niche e-commerce players in a fiercely competitive global industry dominated by larger-scale discount platforms.

Magic Leap laid off 75 employees on 2024-07-19.

Aqua Security, a cybersecurity unicorn specializing in cloud-native application protection, has laid off approximately 50 employees, constituting 10% of its 500-person workforce. The layoffs, announced in July 2024, are part of an organizational streamlining effort to focus resources on core customer needs amid the current macroeconomic climate. While the company experienced 30% growth the previous year and recently secured $60 million at a $1 billion valuation, this restructuring aims to ensure sustainable growth. Most affected employees are based outside of Israel, though the cuts proportionally impacted its global operations, including teams in Israel. This marks the second round of layoffs for Aqua since late 2022.

Lex, a queer community social network, laid off most of its staff in June 2024. The startup, which had a full-time team of about eight employees, underwent a pivot from a dating app to a community-focused platform in 2023. Having raised $7 million in total funding, Lex is exploring monetization through premium features and ads while navigating an uncertain path forward. The company remains operational and is seeking partnerships to sustain and grow its platform, which serves around 1 million users in the LGBTQ+ community.

Israeli fraud prevention startup EverC is laying off approximately 16 employees, representing 10% of its 165-person workforce. The layoffs, which began with employee hearings on July 16, 2024, affect the company's team in Tel Aviv. Founded in 2007, EverC develops technology to detect online fraud, money laundering, and other financial crimes for e-commerce platforms and financial institutions. The company had announced plans for hiring expansion earlier in the year, making this workforce reduction a notable shift. This move reflects broader challenges within the Israeli tech and cybersecurity industry.

Unbounce, a Vancouver-based marketing technology company, laid off an unspecified number of employees in July 2024. The layoffs affected multiple departments, including customer support, software development, and marketing, as indicated by a public spreadsheet of affected alumni seeking new roles. While the exact scale and percentage of the workforce reduction are not detailed in the provided content, the event reflects broader adjustments within the competitive SaaS and martech industry.

Kaspersky on 2024-07-16.

ON laid off 60 employees representing approximately 100% of its workforce on 2024-07-16.

SolarEdge laid off 400 employees on 2024-07-15.

Spotify is restructuring its advertising operations by trimming its ad sales team, a move that aligns with its strategic shift towards focusing on smaller clients and programmatic advertising. The company is consolidating ad teams and enhancing its partnership with Accenture to better support advertisers. This adjustment, announced in July 2024, reflects Spotify's ongoing efforts to streamline its business model within the competitive digital music and podcasting industry, though specific numbers of employees affected or the overall workforce size were not disclosed in the report.

Salesforce laid off 300 employees on 2024-07-15.

Pakistan-based fintech startup SadaPay has laid off approximately 80 employees, representing about 30% of its workforce, including several C-suite executives. The abrupt layoffs were announced by Acting CEO Omer Salimullah in a company meeting, with no prior warning given to staff. This cost-cutting move comes just a month after the company's strategic acquisition by Turkish fintech firm Papara and a recent equity injection. Operating in a challenging socioeconomic and regulatory environment in Pakistan, SadaPay, which offers digital payment cards and services, faces difficulties common to startups navigating political instability, unclear regulations, and a tough economic climate that includes reliance on international loans.

Real estate marketing and technology company MoxiWorks has conducted layoffs, affecting multiple employees including a former director and a software engineer, as confirmed by their LinkedIn posts in July 2024. The cuts come just a month after the appointment of a new CEO with an AI startup background, signaling a strategic shift. While the exact number of employees laid off and the percentage are not disclosed, the company is a significant player in the proptech industry, serving over 800 brokerages and 400,000 agents nationwide. The layoffs appear to be part of broader organizational changes following the leadership transition.

CyberProof, a cloud security solutions provider and subsidiary of India's UST, is laying off approximately 7.5% of its global workforce, affecting about 20 employees in Israel out of its local team of 85. The company employs 650 people worldwide. The layoffs, reported in July 2024, primarily impact cloud and IT infrastructure managers in Israel, with their roles being relocated to the company's offices in India as part of global cutbacks. Cyber experts at the company are not affected. The move reflects broader adjustments within the cybersecurity industry, where companies are restructuring to optimize operations and manage costs.

Redbox laid off 1,000 employees representing approximately 100% of its workforce on 2024-07-10.

Intuit laid off 1,800 employees representing approximately 10% of its workforce on 2024-07-10.

UiPath, a leading automation software company, is laying off approximately 420 employees, representing 10% of its workforce, as part of a major restructuring announced in June 2024. This move follows a significant slowdown in revenue growth post-IPO and a recent reduction in annual revenue guidance. The layoffs, primarily affecting operational and corporate functions, aim to streamline the organization and refocus investments on AI and platform innovation. This is the third round of job cuts since 2022 for the enterprise-scale tech firm, which has also seen recent executive turnover, including the return of co-founder Daniel Dines as CEO.

CNN announces more layoffs as it prepares for a future beyond cable TV, indicating restructuring efforts to adapt to changing media landscapes.

OpenText laid off 1,200 employees representing approximately 2% of its workforce on 2024-07-03.