Companies often conduct layoffs, especially in March, as part of cost-cutting measures and shifts in business strategies.
For instance, last year saw many layoffs due to market changes, including the rise of AI.
This trend continues in 2024 with major tech companies including FAANG members (like Apple) and others like Ericsson and Dell implementing layoffs.
Ericsson, a product-based company, recently announced layoffs of 1,200 employees in Sweden due to slowed demand for 5G equipment.
Dell, another product-based company, reduced its workforce by 6,000 employees since last year due to decreased PC demand, leading to an 11% revenue drop in Q4.
Apple, part of the FAANG group, restructured its display engineering teams and laid off employees after discontinuing microLED display development for Apple Watch.
IBM, a service-based company, also underwent layoffs in its marketing division without specifying the number.
Turnitin, a global education company, reduced its workforce by 15 employees this year due to advancements in AI reducing engineering needs by 20% in the coming months.
These examples illustrate the ongoing trend of layoffs in various sectors, driven by market dynamics and technological advancements.