This year promises to be a painful year for people working in the technology industry.

As Seeking Alpha noted in a report on Sunday (August 18), layoffs in the technology sector have accelerated this month. Cisco And Intel Announcement of the removal of near 21,000 jobs.

Cisco announced last week that it is embarking on a restructuring plan what includes 7% of its global workforce was cut. This was the second round of mass layoffs at the company, which announced in February that it would cut 4,000 jobs.

Intel announced earlier this month that it had around 15,000 Employees, or 15% of the 110,000 employees worldwide.

“Simply put, we need to adapt our cost structure to our new operating model and fundamentally change the way we are working,” said Intel CEO Patrick Gelsinger said a message to employees.

“Our sales have not grown as expected – and we still have to fully benefit from powerful trends such as AI. Our costs are too high, our margins too low. We need to take bolder action to address both – especially given our financial results and outlook for the second half of 2024, which is more difficult than previously expected.”

redundancies.for informationa tracker that monitors job cuts in the technology sector shows that the industry had cut more than 132,000 jobs at 404 companies through Sunday.

The Seeking Alpha report finds that at this rate, layoffs would exceed the 165,269 job cuts in the technology sector in 2022, and missed the last Annual total of 264,220. Layoffs this year have hit hardware companies particularly hard, with the tracker finding just 3,605 layoffs at hardware companies in 2022 and 24,459 in all of 2023. But less than eight full months into this year, these companies have already made 24,706 layoffs.

Other companies Job cuts this year This includes Microsoft, which had planned to cut up to 1,500 employees from its Azure cloud operationsAnd Apple, which recently laid off 614 employees after deciding to reduce its Connected car and smartwatch projects.

Meta has eliminated 50 vice president positions after a much larger wave of layoffs last year. In 2022, 21,000 jobs will be eliminated. Among the Other technology companies cutting jobs this year include PayPal and Snap And eBay.