Business/Technology
Tech Layoffs 2024: Samsung To Cut Thousands Of Jobs As AI Competition Heats Up
The job market remains shaky, with widespread layoffs affecting numerous sectors, especially in tech. In 2023 alone, over 429,000 tech workers lost their jobs, driven by economic downturns, overhiring, and technological changes. Samsung Electronics has now joined the trend, announcing plans to cut 10% of its workforce across Southeast Asia, Australia, and New Zealand, while avoiding layoffs in its home market. This move comes as the company faces fierce competition in memory chips and smartphones.
The tech industry has seen massive job cuts this year, with Intel and Cisco also reducing their workforces. These layoffs are raising concerns about job stability in the tech sector, and many are left questioning how companies can better support their employees during this turbulent time.
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