Just as in 2023, layoffs have hit the tech sector in 2024.
Tech firms are continuing to streamline costs, improve efficiencies and respond to a cooling labor market.
The U.S. unemployment rate is at 3.7%, according to the most recent jobs data, a near 50-year low. However, job gains have cooled in recent months. Employers added 105,000 workers to payrolls in October, 173,000 in November and 216,000 in December, below the monthly average of 225,000 for 2023, according to the Bureau of Labor Statistics.
Seeking Alpha has compiled a list of public tech companies to announce cuts so far in the new year.
Google’s all around cuts
Google (NASDAQ:GOOG) (NASDAQ:GOOGL), confirmed on Thursday it is laying off hundreds of staff working on its voice assistant, hardware and engineering teams.
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“Throughout the second half of 2023, a number of our teams made changes to become more efficient and work better, and to align their resources to their biggest product priorities,” a Google spokesperson said in a statement to Seeking Alpha. “Some teams are continuing to make these kinds of organizational changes, which include some role eliminations globally.”
It was also reported that Fitbit co-founders James Park and Eric Friedman were leaving the company. Google acquired Fitbit for $2.1B in 2021 amid competition with the Apple (AAPL) Watch.
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