Amazon reportedly let go of more than 27,000 employees until now, while Google cut over 15,000 jobs. This trend persists as Cisco and Mozilla join the fray, announcing layoffs to streamline operations and focus on growth.
Amidst layoffs and cost optimisation, the IT sector is experiencing a boom in high-skill gig workers, driving the gig economy's growth and offering opportunities to professionals.
New Delhi,UPDATED: Feb 17, 2024 17:27 IST
2023 was a very difficult year for many people in the tech industry because of layoffs. It was believed that the same might end next year, but the trend is still going on with major companies like Amazon and Google cutting thousands of jobs in the name of overhiring, restructuring, and cost-saving to improve business. Amazon reportedly let go of more than 27,000 employees until now, while Google cut over 15,000 jobs. This trend persists as Cisco and Mozilla join the fray, announcing layoffs to streamline operations and focus on growth.
The tech sector's turbulent landscape suggests the trend may continue, with job security remaining a concern. Cisco's restructuring plan aims to realign priorities, resulting in 4,250 job cuts, while Mozilla's strategic shift leads to 60 layoffs. Uncertainties loom as tech giants navigate economic challenges in 2024.
Cisco announces layoffs
Cisco, a leading provider of networking hardware and software, has unveiled a substantial restructuring plan aimed at realigning the organization and investing further in key priority areas. However, this strategic move comes at a cost, as the company prepares to lay off approximately 4,250 employees globally, as per a report. This restructuring constitutes about 5 percent of Cisco's global workforce. The decision raises concerns about job security within the tech sector, echoing similar actions taken by other major tech companies.
Chuck Robbins, CEO of Cisco, also talked about the company's commitment to innovation in an increasingly connected ecosystem, particularly with the adoption of artificial intelligence (AI) and enhanced organizational security. Meanwhile, Scott Herren, CFO of Cisco, highlighted progress in transitioning towards a more recurring revenue model while ensuring financial discipline and delivering shareholder returns.
Mozilla fires 5 percent of workforce
Mozilla, the organization behind the popular web browser Firefox, has also announced a strategic shift, resulting in the firing of approximately 60 employees. This restructuring amounts to about 5 percent of Mozilla's workforce and primarily affects members of the product development team.
The decision involves redirecting resources away from standalone privacy products like VPN and Relay service, as well as the closure of the Online Footprint Scrubber. Additionally, Mozilla plans to shutter Hubs, its 3D virtual world offering, and reduce its presence on Mastodon, specifically mozilla.social. With a focus on Firefox and AI integration, Mozilla aims to focus on areas with high growth potential, recognizing Firefox as its primary revenue source.
Published By:
Ankita Garg
Published On:
Feb 17, 2024
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