Intel Cuts 15% of Workforce Amid Financial Struggles
Intel Corporation has announced plans to lay off 15% of its global workforce, affecting approximately 18,720 employees, as part of a $10 billion cost reduction strategy following a decline in revenue. This significant workforce reduction aims to enhance operational efficiency amidst challenging market conditions. CEO Pat Gelsinger highlighted the need for decisive actions to navigate the semiconductor industry’s complexities, while also suspending dividends in Q4 2024 to focus resources on core operations.
Bungie Faces Backlash After Major Layoffs Amidst Community Outrage
Bungie, the developer of Destiny 2, has announced a significant workforce reduction, laying off approximately 220 employees, or 17% of its staff. This decision, part of a restructuring effort, has sparked outrage within the gaming community and among former employees, who criticize CEO Pete Parsons’ leadership. As Bungie faces rising development costs and industry shifts, concerns grow about the future of Destiny 2 and the treatment of its workforce. Advocates are calling for accountability and better working conditions in the gaming industry.
Disney to Cut 140 Jobs in Television Division Amid Restructuring
Walt Disney Co. is set to cut approximately 140 jobs within its television division, impacting networks like National Geographic and Freeform. This restructuring, led by CEO Bob Iger, aims to streamline operations amid challenges in traditional cable viewing. As Disney adapts to the evolving media landscape, these layoffs reflect broader industry trends and are part of a strategy to balance investments in streaming services with declining cable revenues.
Warner Bros. Discovery to Lay Off Nearly 1,000 Employees in Cost-Cutting Measures
Warner Bros. Discovery is set to lay off nearly 1,000 employees, with the finance, business affairs, production, and Max streaming service departments most affected. The company has faced multiple rounds of layoffs since the Discovery-WarnerMedia merger, with challenges in the streaming industry and labor strikes contributing to the downsizing efforts. Investors are looking to the upcoming second-quarter earnings report for insights into the company’s streaming service subscriber numbers.
Microsoft Faces Backlash After Disbanding DEI Team
Microsoft faces backlash after laying off its Diversity, Equity, and Inclusion (DEI) team, raising concerns about the company’s commitment to diversity in the workplace. The decision has sparked internal dissent and renewed discussions about the importance of DEI efforts in creating an inclusive work environment.
CNN Undergoing Significant Changes to Prepare for Future Beyond Cable TV
CNN is undergoing significant changes to enhance its digital offerings and reduce reliance on cable TV. Layoffs and new digital products, including a subscription service, are part of the restructuring efforts. The network aims to merge TV and digital news teams for a unified ‘Global News organization’ and leverage AI to expand its digital presence. CNN is set to introduce ad-supported streaming channels, a TV Futures Lab, and a direct-to-consumer subscription product by the end of the year.
Intuit Inc. Announces Reorganization Plan, Laying Off Employees and Closing Sites
Intuit Inc. announces reorganization plan involving layoffs and site closures, with a focus on key growth areas. The company plans to hire more employees by 2025, resulting in charges of $250-260 million. Despite the decline in share value, Intuit aims to boost investments in generative AI and expand into new markets. INTU shares are currently trading lower by 4.15% at $623.45.
John Deere Announces Layoffs at Plants in Illinois and Iowa
John Deere, a prominent manufacturer of tractors and harvesters, is laying off over 600 production staff in Illinois and Iowa due to a shift in production to Mexico. Despite strong profits, the company is adjusting to market conditions. Workers will receive financial support and benefits during this transition. With a rich history dating back to 1837, John Deere is evolving to stay competitive in the global market.
Tech Layoffs Decrease in 2024 Compared to Previous Year
Global tech layoffs have been on the rise this year, with major companies like Tesla, Google, Microsoft, and Tiktok collectively letting go of nearly 100,000 employees. Despite the significant number of job cuts, there is a glimmer of hope as the pace of tech layoffs has slowed compared to the previous year. Learn more about the recent high-profile layoffs and the potential reasons behind this trend.
Microsoft Reportedly Laying Off Hundreds of Employees from Azure Cloud Business
Microsoft is reportedly laying off hundreds of employees from its Azure cloud business, impacting teams such as Azure for Operators and Mission Engineering. The layoffs come as part of the company’s ongoing restructuring efforts, with sources estimating as many as 1,500 job cuts in the Azure for Operators division. The affected teams are part of Microsoft’s Strategic Missions and Technologies (SMT) organization, led by former Azure boss Jason Zander. This organization focuses on cutting-edge initiatives like quantum computing, space exploration, and the government cloud business.