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The summer brought announcements of job cuts at a number of different companies.
The planned layoffs are expected to collectively affect thousands of people working in industries such as technology, media and automotive.
Some of the companies that have revealed plans to reduce staff this summer include:
Cisco
Cisco Systems headquarters in San Jose, California, United States, Monday, August 14, 2023. Cisco Systems Inc. is scheduled to release earnings data on August 16. Photographer: David Paul Morris/Bloomberg via Getty Images (David Paul Morris/Bloomberg via Getty Images/Getty Images)
Cisco is embarking on a restructuring to “enable it to invest in key growth opportunities and drive greater efficiency across its business.” This effort will result in the layoff of 7% of the company’s workers, according to a Securities and Exchange Commission (SEC) filing.
The company revealed its plans Wednesday, the same date it released its first-quarter financial results. Prior to the release there had been reports that a possible layoff announcement was coming.
Its workforce has been hit by layoffs already this year, in February.
Intel
Intel’s layoffs, announced on August 1, will result in approximately 15,000 employees losing their jobs.
They will arise from a “global reduction in spending” that the technology giant has said it wants to “downsize and reorient.” The company aims to reduce costs by $10 billion in 2025 through its overall cost reduction plan.
INTEL’S MASSIVE JOB CUTS COME AFTER IT EXPECTED TO RECEIVE $8.5 BILLION IN TAXPAYER MONEY
“Our costs are too high, our margins are too low. We need bolder actions to address both, particularly given our financial results and outlook for the second half of 2024, which are more challenging than previously anticipated. precedence,” said CEO Pat Gelsinger.
Global Paramount
EDMONTON, CANADA – APRIL 28: An image of a woman holding a cell phone in front of the Paramount logo displayed on a computer screen, on April 29, 2024, in Edmonton, Canada. (Photo by Artur Widak/NurPhoto via Getty Images) (Artur Widak/NurPhoto via Getty Images/Getty Images)
Paramount Global began cutting some of its employees on Tuesday after previously revealing late last week that it plans to reduce its U.S.-based workforce by 15%.
Co-CEO Chris McCarthy said during the media company’s earnings call last week that the layoffs will be “focused primarily on two areas: first, redundant functions within marketing and communications; second; streamlining our structure corporate, reducing our staff in finance, legal, technology and other support functions.”
He and fellow co-CEOs Brian Robbins and George Cheeks told employees in a memo leaked to Deadline and other entertainment outlets that the process “will take place in three phases … and continue through the end of the year.” According to reports, this will largely happen before October.
PARAMOUNT BEGINS TO DISMISS 15% OF THE WORKFORCE, HUNDREDS OF REDUCTIONS ARE EXPECTED
Paramount Global linked the planned headcount reduction to a “strategic plan” that includes streamlining its organization and other initiatives.
Stellantis
UKRAINE – 2021/12/03: In this photo illustration, the logo of a multinational automobile manufacturing company, Stellantis NV, is displayed on a smartphone and background. (Photo illustration by Pavlo Gonchar/SOPA Images/LightRocket (Pavlo Gonchar/SOPA Images/LightRocket via Getty Images/Getty Images)
Stellantis plans to stop production of the Ram 1500 Classic pickup at the Warren Truck plant later this year — and that move will lead to some permanent layoffs, Reuters reported late last week.
“With the introduction of the new Ram 1500, production of the Ram 1500 Classic at the Warren, Michigan truck assembly plant will end later this year,” Stellantis said in a Wednesday statement to FOX Business. “As a result, Stellantis today announced that the plant will transition from a two-shift to a one-shift operating model at the General Assembly. Other operations within the plant will remain two-shift to support Jeep Wagoneer production. “
“The Ram 1500 Classic was a great entry point for Ram, and the Tradesman model has represented the needs of commercial truck customers for years. We introduced the new 2025 Ram 1500 Tradesman with incredible value and content,” he also said ‘agency.
Another plant in Michigan is tasked with building the new Ram 1500.
Up to 2,450 workers at the Warren Truck plant could face indefinite layoffs. However, it is likely that the number of workers actually affected will be lower than expected.
Quickly
Cloud platform provider Fastly, seeking to streamline and reduce costs, said last week it would cut 11% of its workforce in layoffs. Those cuts will be “substantially complete” by the end of the year, she said.
At the end of 2023 the company had a global workforce of 1,200 people.
Axios
Axios informed staff on Tuesday that 50 people across the company would be laid off due to “tectonic shifts” in the American media industry. (Getty/Getty Images)
Fifty Axios workers were affected when the media announced job cuts earlier this month. The company decided to make the layoffs to “anticipate tectonic shifts in media, technology, and reader needs/habits,” according to a note from CEO Jim VandeHei.
AXIOS ELIMINATES ABOUT 50 POSITIONS DUE TO TECTONIC CHANGES IN THE MEDIA INDUSTRY
Sonos
Sonos revealed on Wednesday that 6% of its workforce was getting the ax. According to reports, there were around 100 people.
The wireless speaker maker said it is committed to firings — and further reducing its real estate footprint — to “enhance the Company’s operating model and cost structure to prepare it for long-term success,” according to an SEC filing.
Timothy Nerozzi, Brian Flood and Suzanne O’Happelloran contributed to this report.