The tech industry has faced significant challenges, including a difficult economy, the COVID-19 pandemic, and business missteps, resulting in
job cuts
that increased in 2023 and seem to be accelerating in 2024. We have compiled a list of layoffs, which we will keep updating. More than 240,000 jobs were lost in 2023, 50% higher than the previous year.
Despite earlier slowdowns in
tech layoffs
, cuts seem to be ramping up again. Tech companies are pivoting from growth to efficiency, cutting back on their workforces in the face of stubborn market conditions. Here are the biggest job cuts that happened in the last week.
Microsoft is laying off 1,900 employees at Activision Blizzard and Xbox
Microsoft
is laying off approximately 1,900 employees from
Activision Blizzard
and Xbox this week. The majority of roles being cut are from Activision Blizzard, but some Xbox and ZeniMax employees will also be affected. The layoffs will amount to around 8% of the total Microsoft Gaming division, which has about 22,000 employees in total.
An internal memo from Microsoft Gaming CEO Phil Spencer, obtained by The Verge, confirms the layoffs. In the memo, Spencer stated that Microsoft Gaming and Activision Blizzard's leadership are working together to align on a strategy and execution plan with a sustainable cost structure that will support the company's growing business.
Blizzard president Mike Ybarra and Blizzard's chief design officer, Allen Adham, will be leaving the company alongside the layoffs. Microsoft plans to name a new Blizzard president next week. Blizzard's previously announced survival game has been cancelled as part of these changes. Microsoft will shift some of the people working on it to one of several promising new projects Blizzard has in the early stages of development.
eBay announces second round of job cuts; 1,000 roles to be eliminated
eBay will cut around 1,000 jobs, or 9% of its workforce, due to expenses growing faster than business. The company's CEO, Jamie Iannone, said eBay will streamline teams and improve the end-to-end experience for customers globally. eBay will also reduce some "alternative workforce" contracts. Managers will notify employees whose roles have been eliminated. eBay staff will work from home on Wednesday to provide privacy for these conversations. Last February, eBay laid off 500 employees, representing 4% of its total workforce.
Flipkart to cut 1,00 jobs as a part of restructuring
Flipkart, the Indian e-commerce giant owned by Walmart, will let go of 1,000 employees as part of its annual performance review exercise, representing about 5% of its workforce, reports MoneyControl. The company has around 22,000 employees on its payroll. This reduction in the workforce is a usual process, notes the report.
Swiggy prepares for second round of job cuts ahead of IPO; to cut 400 jobs
Swiggy, a food tech giant preparing to go public, is reportedly planning to lay off 400 employees in a restructuring move. This will be the second round of layoffs for the Bengaluru-based company, which had previously let go of 380 employees in January 2023 and shut down its meat marketplace to cut costs. The latest round of layoffs is expected to affect approximately 7% of Swiggy's workforce, which currently stands at around 6,000 employees. According to insiders, the tech, call center, and corporate teams are likely to be the most affected.
Valorant and League of Legends developer Riot Games is cutting 530 jobs
Riot Games, the developer of "League of Legends" and "Valorant," is cutting 11% of its staff, around roughly 530 jobs. The Los Angeles-based company, owned by Tencent, said the decision to reduce staff was critical for the future of Riot. CEO Dylan Jadeja explained that costs had spiralled out of control due to aggressive expansion, changing its operating model, and adding new talent. Riot will prioritise its "core" games and reduce the team size of "Legends of Runeterra" and wind down "Riot Forge." Jadeja emphasised that this decision was a necessity for the future of the company.
TikTok announces 60 job cuts
TikTok has decided to lay off a number of employees from its advertising and sales division, joining the ranks of several other technology companies who have also cut down on jobs at the start of the new year. A spokesperson from TikTok confirmed that the social media platform will be letting go of 60 workers. The reason for the layoffs was not disclosed. However, the company stated that the affected employees can apply for other open positions at TikTok, which presently has over 120 similar job listings.
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