Tech layoffs continue in October 2024 as Dropbox, Tidal, Meta, and other high-profile companies cut jobs ahead of the holidays

A number of big-name tech companies continued to make job cuts in the month that just ended. October saw job losses in the thousands at some of the industry’s biggest players, according to job site layoff tracker Layoffs.fyi.

It should be noted, however, that while layoffs are always devastating to those impacted and job cuts from big-name companies usually make the headlines, tech layoffs in 2024 are actually down from 2023, according to the data.

Layoffs.fyi says that in 2024 so far, 484 tech companies laid off 142,532 employees, while in 2023 that number was 1,193 tech companies that laid off 264,220 workers.

Here are some of the most prominent layoffs for the month:

Dropbox

The cloud storage giant initiated one of the largest layoffs for October. As Fast Company previously reported, Dropbox announced on Wednesday that it would lay off 20% of its workforce—or 528 individuals.

Dropbox was the company that brought cloud storage to the masses and made the technology easy to use. However, in recent years the company has faced stiff competition from major tech giants like Apple, Microsoft, and Google—all of which offer their users free and paid cloud storage plans. And if you’re in any of these companies’ ecosystems already, you may just find it more convenient to use their integrated cloud storage solutions instead of seeking out a third-party service like Dropbox.

“Maintaining our current structure and investment levels is no longer sustainable,” Dropbox CEO Drew Houston wrote in a letter announcing the layoffs. “We continue to see softening demand and macro headwinds in our core business. But external factors are only part of the story. We’ve heard from many of you that our organizational structure has become overly complex, with excess layers of management slowing us down.”

Tidal

The music streamer owned by Jack Dorsey’s Block announced yesterday that it was laying off “a number” of workers. Those layoffs include the company’s entire product marketing and product management teams. In addition, engineering and design teams will also be affected.

“We have made some internal changes to our Tidal team to focus on serving artists in the most meaningful way,” a Tidal spokesperson said in a statement to Engadget. “This involved the elimination of some roles across our business and design teams. We are going to be smaller, focus on fewer things, and move with a relentless approach to product development.”

However, the company did not say how many employees would be let go. Reports say the number could be as many as 100. We’ve reached out to Tidal for comment.

Meta Platforms

Meta has had no qualms about laying people off for years now. Cuts began in 2022 and accelerated in 2023. The company also laid people off in 2024—the most recent layoffs happened in mid-October.

As Fast Company previously reported, Meta laid-off workers from multiple different teams on October 16. Those teams included Instagram, WhatsApp, and Reality Labs.

Meta did not reveal the number of employees laid off. In a statement, the company told Fast Company, “A few teams at Meta are making changes to ensure resources are aligned with their long-term strategic goals and location strategy. This includes moving some teams to different locations and moving some employees to different roles. In situations like this when a role is eliminated, we work hard to find other opportunities for impacted employees.”

Coursera

The online course giant Coursera announced layoffs in late October. The company said it would cut 10% of its workforce. Ten percent of its employees equates to about 150 positions.

For much of the past year, the company has lowered its 2024 revenue projections, sending its stock lower as well. ClassCentral cited two main reasons for Coursera’s woes: First, its enterprise business is struggling after a robust pandemic period when everyone was stuck inside. Second, while plenty of people are still signing up for courses, they aren’t staying paid subscribers for as long as they used to.

Kraken

The cryptocurrency exchange is reportedly laying off as much as 15% of its workforce, according to the New York Times. The job cuts came amid an announcement that Arjun Sethi would be the co-CEO of the company.

Along with that change, the company in a blog post announced that it needed “to be leaner and faster.” Kraken did not specify how many jobs would be lost, but said, “Making organizational changes is never easy, and we understand their profound impact on people’s lives. We deeply appreciate those who helped us get here and for their many contributions, and we will support them during this transition.”

A Kraken spokesperson declined to comment.