In August 2024, more than 27,000 employees from over 40 organizations, including large names like Intel, IBM, and Cisco, announced layoffs. By 2024, 422 organizations will have laid off almost 136,000 IT professionals. Here's an overview of big tech layoffs in August:

1. Intel: Following a dismal second-quarter earnings report, the corporation announced 15,000 job layoffs, or more than 15% of its staff, as part of a $10 billion spending reduction strategy for 2025. The company's annual revenues declined by $24 billion between 2020 and 2023, with CEO Pat Gelsinger stating, "Intel's revenue growth shortfall is attributed to high costs and low margins, despite our leadership in the CPU chip revolution 25 years ago."

2. Cisco Systems: The business said that it will lay off around 6,000 people, or 7% of its worldwide workforce, as it focuses on AI and cybersecurity. This is Cisco's second big wave of job losses this year, and CEO Chuck Robbins stated, "Cisco is optimistic about rebounding demand for our networking equipment."

3. IBM: IBM has chosen to suspend its research and development business in China, laying off around 1,000 people. The business stated: "IBM will now prioritize serving private enterprises and select multinationals within the Chinese market."

4. Infineon: The German chipmaker has slashed 1,400 positions and plans to move another 1,400 to nations with cheaper labor costs. CEO Jochen Hanebeck stated, "The slow recovery in target markets is due to prolonged weak economic momentum and excess inventory levels."

5. GoPro: The action camera company is laying off around 15% of its workforce, or approximately 140 people, in order to save $50 million in operational expenditures.

6. Apple: Apple let off around 100 people from its services division, which includes the Apple Books app and Apple Bookstore teams. Previously, the corporation laid off 600 people from its Special Projects Group and disbanded a 121-person AI team in San Diego in January.

7. Dell Technologies: The corporation may have cut off around 12,500 people, or 10% of its global staff, according to reports. However, the corporation has not confirmed the development.