- A number of technology companies made multiple layoffs this week, including Cisco, Mozilla, and Instacart.
- The layoffs will affect employees around the world, and the trend of tightening purse strings in certain products and sectors is expected to continue.
Four more people were laid off this week in another round of mass layoffs by tech companies.,000 posts are now obsolete due to the industry's increasing adoption of artificial intelligence technology. Cisco leads the pack with his 4 reductions,250 of 84 posts,As of the end of 2023, the company will have 900 employees, accounting for 5% of the global workforce. Cisco also reduced 5,000 jobs in 2022.
Headcount cuts cost Cisco $28 billion Acquisition of Splunk, is expected to be completed by April this year. The layoffs come as Cisco CEO Chuck Robbins expects massive economic uncertainty to reduce demand for the company's products and services in the coming months. said.
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Mozilla, the maker of the Firefox web browser, announced its intention to cut 5% of its global workforce. Similarly, Instacart announced a restructuring plan to cut 7% of its global workforce. Both companies cited the need to reinvest resources into certain new projects as the reason for the job cuts, resulting in more than 300 positions being made redundant overall.
Other tech giants, including Google and Amazon, have already quite a cut Technology companies remain a major source of revenue, despite a decline compared to 2023. However, the increased adoption of AI technologies is expected to continue to impact employment in the technology sector.
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