Connect with us

Technology

Chart: All the Major Tech Layoffs in 2024 So Far

Published

on

See this visualization first on the Voronoi app.

A bar chart showing the number of employees laid off at major tech companies as tech layoffs continue in January 2024.

Charted: All the Major Tech Layoffs in 2024 So Far

This was originally posted on our Voronoi app. Download the app for free on Apple or Android and discover incredible data-driven charts from a variety of trusted sources.

Layoffs tend to pick up in January as companies look to restructure, reorganize, and re-prioritize based on their forecast for the new year.

For the tech industry that has seen quite a bit of upheaval in the last two years, 2024 seems to be a continuation of a mix of earlier factors at play.

We visualize some of the bigger layoffs in the year so far, from video game software provider Unity to big tech bastion Google. Data is sourced from Layoffs.fyi, an aggregator that has been collecting tech layoff news since 2020.

Only those companies with a specified number of employees let go have been included in our list.

List of Companies That Have Cut Jobs in 2024

While the big tech companies tend to take up the headlines, there’s quite a bit of churn in the broader space at the moment.

For example, Milwaukee-based short-term rental company FrontDesk did not herald the new year with any joy: the entire 200-strong staff was laid off on the second day of 2024. The current macroeconomic environment is not friendly to companies with large upfront capital costs, as seen with the WeWork saga last year.

Here’s the full list of tech and tech-adjacent companies that have announced job cuts since the beginning of the month.

2024CompanyJobs Cut% of Company
Employees
Industry
Jan 02The Messenger24N/AMedia
Jan 02FrontDesk200100%Travel
Jan 03Orca Security6015%Security
Jan 03Lazada Group10030%Retail
Jan 04Trigo3015%Retail
Jan 05Cue Health94N/AHealthcare
Jan 06NanoString Tech509%Healthcare
Jan 08BenchSci7017%Healthcare
Jan 08Pitch8067%Other
Jan 08Flexe9938%Logistics
Jan 08NuScale Power15428%Energy
Jan 08Flipkart1,1005%Retail
Jan 08Unity1,80025%Other
Jan 09Humane104%Hardware
Jan 09Rent the Runway3710%Retail
Jan 09Uber Freight40N/ALogistics
Jan 09Nevro635%Healthcare
Jan 09Branch85N/AFinance
Jan 09Twitch50035%Consumer
Jan 10Instagram60N/AConsumer
Jan 10BeamBenefits74N/AHealthcare
Jan 10IAC330N/AConsumer
Jan 10Google1,0000.5%Consumer
Jan 11Sisense6013%Data
Jan 11Audible1005%Media
Jan 11Inmobi1255%Marketing
Jan 11Discord17017%Consumer
Jan 11Playtika30010%Consumer
Jan 11New Work SE400N/AConsumer
Jan 12GrabCAD13N/AOther
Jan 12Veeam300N/AData
Jan 16First Mode4820%Transport
Jan 16SonderMind4917%Healthcare
Jan 16Sirplus60N/AFood
Jan 16YouTube1005%Media
Jan 18Amazon30N/ARetail
Jan 19Wayfair1,65013%Retail
Jan 21SolarEdge90016%Energy
Jan 22Riot Games53011%Consumer
Jan 22TikTok60N/AConsumer
Jan 23Brex 28220%Finance
Jan 23Vroom80080%Transport

Note: The N/A label denotes missing information from the source on the percentage of the workforce cut. Data current up to January 23th, 2024.

Layoff season really began to gather steam by the start of the second week of January when video game software developer Unity cut a staggering one-fourth of their workforce, amounting to 1,800 employees.

A day later, streaming platform Twitch (owned by Amazon) fired 500 employees, or about 35% of their workforce.

Between January 10–11th, a flurry of similar announcements:

  • Voice, video, and text app Discord cut 170 jobs, 17% of their employee pool.
  • Amazon-owned Audible let go of 100 employees. In fact, the e-commerce giant announced that “several hundreds” of employees in Prime Video and its studios division were also let go.
  • Two other layoff announcements from the Big Tech space: Google let go of 1,000 employees across several divisions (hardware, advertising, search, maps) and Meta-owned Instagram cut 60 jobs.

On the 16th, YouTube (also owned by Google) laid off 100 people, saying they had six months to apply to different roles within the company.

Will 2024 See As Many Tech Layoffs as 2023?

Last year was brutal for the tech sector with 1,186 companies laying off about 262,242 employees in 2023. January saw the brunt of it, with nearly 90,000 reported job cuts across companies like Google, Amazon, and Microsoft.

YearJanuary LayoffsTotal Layoffs
2022510164,969
202389,809262,242
2024 (YTD)10,96310,963

Note: Data current up to January 23th, 2024.

So far in 2024, in an extension of events from the last year, there are two factors at play, both rooted in the pandemic. The video game industry (and the larger tech industry) say they over-hired in 2020 and 2021 to ride the increase in digital activity after social-distancing rules went into effect around the world.

In the post-pandemic world however, companies now say they simply expanded too quickly. Discord’s CEO Jason Citron said the company grew its workforce 5x since 2020 and now needed to scale back to “sharpen focus” and “bring agility” to the organization.

Meanwhile, for the larger tech companies (Google, Amazon, and Meta) the rapid rise of AI is causing a shift in internal priorities. While still rectifying the pandemic over-hiring, the companies are also trimming down other projects as they attempt to catch up with rival Microsoft whose OpenAI still remains a market leader in the space.

“We have ambitious goals and will be investing in our big priorities this year. The reality is that to create the capacity for this investment, we have to make tough choices.” — Sundar Pichai, Google CEO.

Despite the tech layoffs so far in 2024, analysts are saying that this will not be a repeat of last year, even as more job cuts are expected in the coming months. In fact, AI-related roles might flourish, but at a smaller scale as tech companies chase efficiency for the new year.

Click for Comments

AI

Ranked: The 20 Biggest Tech Companies by Market Cap

In total, the 20 biggest tech companies are worth over $20 trillion—nearly 18% of the stock market value globally.

Published

on

A portion of the top 20 biggest tech companies visualized as bubbles sized by market cap with Apple as the biggest.

Ranked: The 20 Biggest Tech Companies by Market Cap

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

The world’s 20 biggest tech companies are worth over $20 trillion in total. To put this in perspective, this is nearly 18% of the stock market value globally.

This graphic shows which companies top the ranks, using data from Companiesmarketcap.com.

A Closer Look at The Top 20

Market capitalization (market cap) measures what a company is worth by taking the current share price and multiplying it by the number of shares outstanding. Here are the biggest tech companies according to their market cap on June 13, 2024.

RankCompanyCountry/RegionMarket Cap
1AppleU.S.$3.3T
2MicrosoftU.S.$3.3T
3NvidiaU.S.$3.2T
4AlphabetU.S.$2.2T
5AmazonU.S.$1.9T
6MetaU.S.$1.3T
7TSMCTaiwan$897B
8BroadcomU.S.$778B
9TeslaU.S.$582B
10TencentChina$453B
11ASMLNetherlands$415B
12OracleU.S.$384B
13SamsungSouth Korea$379B
14NetflixU.S.$281B
15AMDU.S.$258B
16QualcommU.S.$243B
17SAPGermany$225B
18SalesforceU.S.$222B
19PDD Holdings (owns Pinduoduo)China$212B
20AdobeU.S.$206B

Note: PDD Holdings says its headquarters remain in Shanghai, China, and Ireland is used for legal registration for its overseas business.

 

Apple is the largest tech company at the moment, having competed with Microsoft for the top of the leaderboard for many years. The company saw its market cap soar after announcing its generative AI, Apple Intelligence. Analysts believe people will upgrade their devices over the next few years, since the new features are only available on the iPhone 15 Pro or newer.

Microsoft is in second place in the rankings, partly thanks to enthusiasm for its AI software which is already generating revenue. Rising profits also contributed to the company’s value. For the quarter ended March 31, 2024, Microsoft increased its net income by 20% compared to the same quarter last year.

Nvidia follows closely behind with the third-highest market cap, rising more than eight times higher compared to its value at the start of 2023. The company has recently announced higher profits, introduced a higher dividend, and reported that its next-generation GPU chip will start generating revenue later this year.

AI a Driver of the Biggest Tech Companies

It’s clear from the biggest tech companies that involvement in AI can contribute to investor confidence.

Among S&P 500 companies, AI has certainly become a focus topic. In fact, 199 companies cited the term “AI” during their first quarter earnings calls, the highest on record. The companies who mentioned AI the most were Meta (95 times), Nvidia (86 times), and Microsoft (74 times).

Continue Reading
Appian-Capital

Subscribe

Popular