Layoffs announced at multiple companies this summer

The summer has brought announcements of job cuts at a slew of different companies. 

The planned layoffs are expected to collectively hit thousands of people who work in industries including tech, media and auto. 

Some of the firms that have disclosed intentions to reduce their headcounts this summer include:

Cisco

Cisco Systems headquarters in San Jose, California. (David Paul Morris/Bloomberg via Getty Images / Getty Images)

Cisco is embarking on a restructuring to “allow it to invest in key growth opportunities and drive more efficiency in its business.” That effort will involve laying off 7% of the company’s workers, according to a Securities and Exchange Commission (SEC) filing.

The company revealed its plans on Wednesday, the same day it released its first-quarter financial results. There had been reports ahead of the release that a possible layoff announcement was coming.

Its workforce was hit by layoffs once already this year in February.

Intel

Intel’s layoffs, announced Aug. 1, will result in some 15,000 employees losing their jobs.

They will arise out of a “comprehensive reduction in spending” that the tech giant said it was pursuing to “resize and refocus.” The company aims to trim costs by $10 billion in 2025 through its overall cost-reduction plan.

INTEL’S MASSIVE JOB CUTS COME AFTER IT’S 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 is tougher than previously expected,” CEO Pat Gelsinger said.

Paramount Global

A woman holds a cellphone in front of the Paramount logo displayed on a computer screen. (Artur Widak/NurPhoto via Getty Images / Getty Images)

Paramount Global started cutting some of its workers on Tuesday after previously disclosing late last week it had plans to slash 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 “primarily focused on two areas: first, redundant functions within marketing and communications; second; streamlining our corporate structure, reducing our headcount 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 phrases … and continuing through the end of the year.” It will largely be done before October, according to reports.

PARAMOUNT BEGINS LAYING OFF 15% OF WORK FORCE, HUNDREDS EXPECTED TO BE CUT

Paramount Global has linked the planned headcount reduction to a “strategic plan” that involves streamlining its organization and other initiatives.

Stellantis

The Stellantis logo is seen displayed on a smartphone and in…