Jason Wingate, the CEO of Canadian sales and marketing firm Emerald Ocean, told BI any products that need to be applied to the skin were "categories where buying dupes is just asking for trouble."

He said doing so required careful consideration.

"While the packaging might look similar, what's inside could be untested," Wingate said.

Destiny Chatman, from UK savings app TopCashBack, said people should compare ingredients on off-brand products, and avoid anything with clear disparities from the original product.

"No two products will have identical ingredients; however, if major ingredients are different then you should probably pass," Chatman said.

Ant Robinson, from price-comparison website HalfPricePerfumes, warned anyone looking for dupe fragrances to be aware some can be dangerous.

"The idea of a great fragrance at a fraction of the cost might tempt you, but counterfeit fragrances often contain dangerous — and sometimes, downright disgusting — ingredients," he told BI.

The US Customs and Border Protection has warned that counterfeit makeup and perfume products often contain hazardous ingredients and urged shoppers to focus on reputable retailers and sellers.

"Always make sure that the fragrance you're purchasing is from a legitimate retailer so you know that it isn't fake," Robinson said.

Consumers should also exercise caution when purchasing dupes of luxury-brand bags and purses, Chatman said.

"If it visually looks similar to the original to you, then you should buy it but if there are main differences you can point out, then it's likely to also be visible to others," she said.

She said that sometimes, you can only compare a knock-off to its more expensive product when you try both of them, as, purses or bags cannot be tested in-store like makeup or perfume.

For Wingate, electronics and tech "are the biggest no-go" when considering buying a dupe.

"The safety risks from poor components and bad engineering are serious," he said, adding that he has seen counterfeit chargers catch fire and fake batteries leak. "It's not worth risking your safety to save a few bucks."

Stevie Johnson, managing director of influencer marketing agency Disrupt, told BI that large companies that sell tech products have to meet certain safety standards to avoid potential hazards in their products — and you can't be certain that their dupes are complying with those criteria.

He told BI he'd bought a cheap imitation pair of Airpods, which, except for a slightly poor microphone, he felt worked well, and was worth the saving.

But he said people should be wary of dupes of more expensive tech products, especially those that touch the body.

Cargill, the largest privately owned company in the US, is slashing 5% of its workforce.

The company, which is the world's largest agricultural commodities trader, will lay off thousands of workers from its 164,000-strong workforce, Bloomberg reported on Monday, citing an internal memo it had seen.

"To strengthen Cargill's impact, we must realign our talent and resources to align with our strategy," a Cargill spokesperson told BI.

The cuts would impact workers across all professional levels from countries in Asia, Latin America, North America, Europe, the Middle East, and Africa.

The layoffs will not touch its executive team but will impact its "next level senior leaders," Bloomberg reported, citing people familiar with the matter.

"The majority of these reductions will take place this year," Chief Executive Officer Brian Sikes said in the memo, seen by Bloomberg. "They'll focus on streamlining our organizational structure by removing layers, expanding the scope and responsibilities of our managers, and reducing duplication of work."

Microchip Technology, a chipmaker for a variety of consumer products, on Monday said it was closing a facility in Tempe, Arizona, as it deals with slower-than-anticipated orders.

The closure is expected to affect about 500 jobs from the company's total of 22,300, Microchip said. The closure will progress in stages and end in September 2025.

"While the company has taken steps to right size inventory and reduce expenses— including temporary pay reductions and company-wide and factory shutdowns—these measures have not been enough," a spokesperson for Microchip said in a statement on Tuesday.

Microchip also updated its revenue guidance for the quarter ending in December quarter to $1.025 billion, which is at the lower end of its earlier forecast.

The company's stock fell about 3% in after-hours trading and is down 22% year-to-date.

The owner of publications including Esquire and Cosmopolitan is conducting a round of layoffs, The Hollywood Reporter said in a November 21 report.

The exact number of positions impacted is not clear.

"After a thorough review of our business, we've decided to reallocate resources to better support our goals and continue our focus on digital innovation while strengthening our best in class print products," Hearst Magazines president Debi Chirichella told staff in a memo obtained by THR. "We will scale back in areas that do not support our core strategy and will eliminate certain positions as we reimagine our team structures to drive long-term growth."

In October, Boeing said that it would cut 10% of its 170,000-strong global workforce. The reduction plan will include 2,199 employees in Washington and another 50 in Oregon, according to the company's filings.

As part of the cuts, Boeing is laying off more than 400 workers who are part of its professional aerospace labor union. The Seattle Times reported that 438 members of the Society of Professional Engineering Employees in Aerospace (SPEEA) received pink slips.

These included engineers, scientists, analysts, technicians, and other jobs, the outlet reported.

In a note to employees on October 11, CEO Kelly Ortberg said Boeing was in a "difficult position" and that "restoring our company requires tough decisions."

The layoffs come at a difficult time for Boeing. Its share price has fallen more than 40% since the start of the year as it grapples with the fallout from a seven-week strike and technical faults like a door plug coming off an Alaska Airlines 737 Max midflight in January.

Representatives of Boeing and the SPEEA didn't immediately respond to a request for comment from Business Insider.

ExxonMobil is cutting about 400 employees from Pioneer Natural Resources, the oil and gas company it acquired earlier this year.

The cuts will come in seven stages and will be completed in May 2026, Exxon said in a notice to the Texas Workforce Commission.

The cuts represent almost 20% of Pioneer's pre-merger workforce and will mostly affect employees in Pioneer's suburban Dallas offices, the notice said.

AMD confirmed it would be reducing its global staff, which numbered around 26,000 total employees as of December 2023.

″As a part of aligning our resources with our largest growth opportunities, we are taking a number of targeted steps that will unfortunately result in reducing our global workforce by approximately 4%," an AMD representative said in a statement to Business Insider. "We are committed to treating impacted employees with respect and helping them through this transition."

The cuts are reportedly targeting sales and marketing roles in areas like consumer PC and gaming PC, according to Bloomberg.

The computer chipmaker is focusing efforts on the artificial intelligence industry as it chases rival Nvidia in the GPU market. In October, AMD raised its 2024 GPU sales estimates from its initial $4.5 billion to over $5 billion.

Online education site Chegg is laying off staff for the second time this year as generative AI platforms obliterate its business model.

Chegg said it is cutting 319 employees, or 21% of its staff, as it faces strong competition from platforms like ChatGPT. The company slashed global headcount by 23% in June.

"The speed and scale of Google's AIO rollout and student adoption of generative AI products have negatively impacted our industry and our business," Nathan Schultz, Chegg's CEO, said in an earnings release. The company reported a loss of $212.6 million for the third quarter.

Chegg's stock has fallen nearly 85% since the start of this year.

Genetic testing company 23andMe is cutting 200 employees, or 40% of its workforce, to reduce costs and refocus its business.

The Bay Area-based company is also discontinuing further development of all its therapeutics programs, it said in a mid-November statement.

Anne Wojcicki, 23andMe's CEO and cofounder, has been trying to take the struggling company private since April.

23andMe debuted on the stock market in 2021 but fallen from its peak valuation of $6 billion — its market cap is now north of $100 million. Financial and strategic missteps, as well as high-profile user data hacks, have dragged the company down.

The parent company of Bed Bath & Beyond, Overstock, Zulily, and other brands revealed its decision to slash a fifth of its staff in an October SEC filing.

The workplace reduction was taken to create a more "variable, leverageable cost structure" and to help align the company with its "asset-light business that supports an affinity and data monetization model with a strong technology focus," Beyond Inc. said in the filing.

The cuts are estimated to save roughly $20 million annually in fixed costs and are expected to be "substantially implemented" in the fourth quarter of 2024.

The news came shortly after Beyond Inc. and Kirkland announced a partnership that means physical Bed Bath & Beyond stores will return in smaller-format "neighborhood" locations.

Meta is eliminating some roles on units including Instagram, WhatsApp, and its VR and AR division Reality Labs.

"A few teams at Meta are making changes to ensure resources are aligned with their long-term strategic goals and location strategy," a Meta spokesperson told BI on October 17. "This includes moving some teams to different locations, and moving some employees to different roles."

It's unclear how many roles will be affected, but Meta has trimmed its staff significantly in the year and a half, with more than 20,000 job cuts since 2022. CEO Mark Zuckerberg proclaimed 2023 a "year of efficiency" at the company, and continued cost-cutting measures this year as the tech giant gets flatter in structure.

TikTok is cutting employees in various locations as part of changes to its content-moderation strategy.

A spokesperson for the China-owned company told Reuters in October that 80% of content that violates its policy is now removed through automated technology.

The company did not provide details on the exact number of positions that it eliminated but told Reuters the cuts would affect "several hundred" employees.

Big Four accounting firm PwC is cutting 1,800 workers, which is about 2.5% of its staff. The cuts will impact staffers ranging from associates to managing directors — half of them offshore. Those affected by the cuts will be informed in October.

In an emailed statement to Business Insider, Tim Grady, PwC's US chief operating officer, said, "To remain competitive and position our business for the future, we are continuing to transform
areas of our firm and are aligning our workforce to better support our strategy, including attracting and moving the right talent and skill sets to the areas where we need them most. Right now, we are focused on running our business well and adapting to meet the needs of our clients and the rapidly changing market."

Nike announced its cost-cutting plans in a December 2023 earnings call, discussing a slow growth in sales. The call subsequently resulted in Nike's stock plunging.

"We are seeing indications of more cautious consumer behavior around the world," Nike Chief Financial Officer Matt Friend said in December.

On January 10, Google laid off hundreds of workers in its central engineering division and members of its hardware teams — including those working on its voice-activated assistant.

In an email to some affected employees, the company encouraged them to consider applying for open positions at Google if they want to remain employed. April 9 was the last day for those unable to secure a new position, the email said.

The tech giant laid off thousands throughout 2023, beginning with a 6% reduction of its global workforce — about 12,000 people — last January.

Discord employees learned about the layoffs in an all-hands meeting and a memo sent by CEO Jason Citron in early January.

"We grew quickly and expanded our workforce even faster, increasing by 5x since 2020," Citron said in the memo. "As a result, we took on more projects and became less efficient in how we operated."

In August 2023, Discord reduced its headcount by 4%. According to CNBC, the company was valued at $15 billion in 2021.

The layoffs announced in January are part of a larger Citigroup initiative to restructure the business and could leave the company with a remaining head count of 180,000 — excluding its Mexico operations.

In an earnings call that month, the bank said that layoffs could save the company up to $2.5 billion after it suffered a "very disappointing" final quarter last year.

Twitch announced on January 10 that it would cut 500 jobs, affecting over a third of the employees at the live-streaming company.

CEO Dan Clancy announced the layoffs in a memo, telling staff that while the company has tried to cut costs, the operation is "meaningfully" bigger than necessary.

"As you all know, we have worked hard over the last year to run our business as sustainably as possible," Clancy wrote. "Unfortunately, we still have work to do to rightsize our company and I regret having to share that we are taking the painful step to reduce our headcount by just over 500 people across Twitch."

Larry Fink, BlackRock's chief executive, and Rob Kapito, the firm's president, announced in January that the layoffs would affect around 600 people from its workforce of about 20,000.

However, the company has plans to expand in other areas to support growth in its overseas markets.

"As we prepare for 2024 and this very exciting but distinctly different landscape, businesses across the firm have developed plans to reallocate resources," the company leaders said in a memo.

In the fashion company's January announcement, COO and president Anushka Salinas said she will also be leaving the firm, Fast Company reported.

Around 1,800 jobs at the video game software company will be affected by the layoffs announced, Reuters reported in January.

In a January 23 memo, CEO Jamie Iannone told employees that the eBay layoffs will affect about 9% of the company's workforce.

Iannone told employees that layoffs were necessary as the company's "overall headcount and expenses have outpaced the growth of our business."

The company also plans to scale back on contractors.

Microsoft will be laying off hundreds of employees in its Xbox gaming division, Bloomberg first reported in September.

The job cuts will mainly affect workers in corporate and support functions, the outlet reported, citing a memo sent by Microsoft Gaming chief Phil Spencer.

However, he reportedly added that the company is not planning to close any studios or remove any games or devices.

This comes after the company also slashed 1,900 workers at Activision, Xbox, and ZeniMax in late January.

Nearly three months after Microsoft acquired video game firm Activision Blizzard, the company announced layoffs in its gaming divisions. The layoffs mostly affect employees at Activision Blizzard.

Xbox in May also reportedly offered some employees voluntary severance packages after shutting three units and absorbing a fourth earlier in the month.

Salesforce announced a round of layoffs that the company says will affect 1% of its global workforce, The Journal reported in late January.

The cuts followed a wave of cuts at the cloud giant last year. In 2023, Marc Benioff's company laid off about 10% of its total workforce — or roughly 7,000 jobs. The CEO said the company over-hired during the pandemic.

The company behind the Roomba Vacuum announced layoffs in late January around the same time Amazon decided not to go through with its proposed acquisition of the company, the Associated Press reported.

The UPS layoffs will affect 14% of the company's 85,000 managers and could save the company $1 billion in 2024, UPS CEO Carol Tomé said during a January earnings call.

Announced in late January, this round of layoffs will affect about 2,500 employees at the payment processing company.

"We are doing this to right-size our business, allowing us to move with the speed needed to deliver for our customers and drive profitable growth," CEO Alex Chriss wrote in a January memo. "At the same time, we will continue to invest in areas of the business we believe will create and accelerate growth."

The digital-access-management company announced its plans for a "restructuring plan intended to improve operating efficiencies and strengthen the Company's commitment to profitable growth" in an SEC filing in February.

The cuts will impact roughly 400 employees.

Okta CEO Todd McKinnon told staff in a memo that "costs are still too high," CNBC reported.

The company behind Snapchat announced in February that it's reducing its global workforce by 10%, according to an SEC filing.

The cosmetics company announced in February that it would be cutting 3% to 5% of its roles as part of a restructuring plan.

Estee Lauder reportedly employed about 62,000 employees around the world as of June 30, 2023.

The electronic signature company said in an SEC filing in February that most of the cuts will be in its sales and marketing divisions.

Zoom announced 150 job losses in February, which amounted to about 2% of its workforce. It had announced it was laying off 1,300 people the previous February.

In February, Paramount Global CEO Bob Bakish sent a memo to employees announcing that 800 jobs — about 3% of its workforce — were being cut.

Deadline obtained the memo less than a month after reporting plans for layoffs at Paramount. The announcement comes on the heels of Super Bowl LVIII reaching record-high viewership across CBS, Paramount+, and Nickelodeon, and Univision.

Morgan Stanley is laying off several hundred employees in its wealth-management division, the Wall Street Journal reported in February, representing roughly 1% of the team.

The wealth-management division has seen some slowdown at the start of 2024, with net new assets down by about 8% from a year ago. The layoffs mark the first major move by newly-installed CEO Ted Pick, who took the reins from James Gorman on January 1.

An Expedia spokesperson told BI that it was implementing cutbacks, as part of an operational review, that were expected to impact 1,500 roles this year.

The company's product and technology division is set to be the worst hit, a report from GeekWire said, citing an internal memo CEO Peter Kern sent to employees in late February.

"While this review will result in the elimination of some roles, it also allows the company to invest in core strategic areas for growth," the spokesperson said.

"Consultation with local employee representatives, where applicable, will occur before making any final decisions," they added.

The cuts at Sony Interactive Entertainment swept through its game-making teams at PlayStation Studios.

Insomniac Games, which developed the hit Spider-Man video game series, as well as Naughty Dog, the developers behind Sony's flagship 'The Last of Us' video games' were hit by the cuts, the company announced on February 27.

All of PlayStation's London studio will be shuttered, according to the proposal.

"Delivering and sustaining social, online experiences – allowing PlayStation gamers to explore our worlds in different ways – as well as launching games on additional devices such as PC and Mobile, requires a different approach and different resources," PlayStation Studios boss Hermen Hulst wrote.

Hulst added that some games in development will be shut down, though he didn't say which ones.

In early February, Sony said it missed its target for selling PlayStation 5 consoles. The earnings report sent shares tumbling and the company's stock lost about $10 billion in value.

On February 27, the dating app company announced that it would be reducing its staff due to "future strategic priorities" for its business, per a statement.

The cuts will impact about 30% of its about 1,200 person workforce or about 350 roles, a representative for Bumble told BI by email.

"We are taking significant and decisive actions that ensure our customers remain at the center of everything we do as we relaunch Bumble App, transform our organization and accelerate our product roadmap," Bumble Inc CEO Lidiane Jones said in a statement.

Electronic Arts is laying off about 670 workers, equating to 5% of its workforce, Bloomberg reported in late February.

The gaming firm axed two mobile games earlier in February, which it described as a difficult decision in a statement issued to GamesIndustry.biz.

CEO Andrew Wilson reportedly told employees in a memo that it would be "moving away from development of future licensed IP that we do not believe will be successful in our changing industry."

Wilson also said in the memo that the cuts came as a result of shifting customer needs and a refocusing of the company, Bloomberg reported.

IBM's chief communications officer Jonathan Adashek told employees on March 12 that it would be cutting staff, CNBC reported, citing a source familiar with the matter.

An IBM spokesperson told Business Insider in a statement that the cuts follow a broader workforce action the company announced during its earnings call in January.

"In 4Q earnings earlier this year, IBM disclosed a workforce rebalancing charge that would represent a very low single-digit percentage of IBM's global workforce, and we expect to exit 2024 at roughly the same level of employment as we entered with," they said.

IBM has also been clear about the impact of AI on its workforce. In May 2023, IBM's CEO Arvind Krishna said the company expected to pause hiring on roles that could be replaced by AI, especially in areas like human resources and other non-consumer-facing departments.

"I could easily see 30% of that getting replaced by AI and automation over a five-year period," Krishna told Bloomberg at the time.

Amazon is cutting hundreds of jobs from its cloud division known as Amazon Web Services, Bloomberg reported on April 3.

The reduction will impact employees on the sales and marketing team and those working on tech for its retail stores, Bloomberg reported.

"We've identified a few targeted areas of the organization we need to streamline in order to continue focusing our efforts on the key strategic areas that we believe will deliver maximum impact," an Amazon spokesperson told Bloomberg.

On March 26, Amazon announced another round of job cuts after the company said it was slashing 'several hundred' jobs at its Prime Video and MGM Studios divisions earlier this year to refocus on more profitable products.

"We've identified opportunities to reduce or discontinue investments in certain areas while increasing our investment and focus on content and product initiatives that deliver the most impact," Mike Hopkins, SVP of Prime Video and Amazon MGM Studios, told employees in January.

This year's cuts follow the largest staff layoff in the company's history. In 2023, the tech giant laid off 18,000 workers.

Apple slashed its California workforce by more than 600 employees in April.

The cuts came after Apple decided to withdraw from its car and smartwatch display projects.

The tech giant filed a series of notices to comply with the Worker Adjustment and Retraining Notification program. One of the addresses was linked to a new display development office, while the others were for the company's EV effort, Bloomberg reported.

Apple officially shut down its decadelong EV project in February. At the time, Bloomberg reported that some employees would move to generative AI, but others would be laid off.

Bloomberg noted that the layoffs were likely an undercount of the full scope of staff cuts, as Apple had staff working on these projects in other locations.

In late August, Bloomberg reported that Apple was slashing 100 jobs in its services group, citing people familiar with the matter.

The layoffs mainly involved people working on the Apple Books app and the Apple Bookstore, Bloomberg reported. Cuts were also made to other service teams like Apple News, the outlet added.

Representatives for Apple did not respond to a request for comment from Business Insider sent outside normal business hours.

Tesla CEO Elon Musk sent a memo to employees on April 14, at nearly midnight in California, informing them of the company's plan to cut over 10% of its global workforce.

In his companywide memo, Musk cited "duplication of roles and job functions in certain areas" as the reason behind the reductions.

An email sent to terminated employees, obtained by BI, read: "Effective now, you will not need to perform any further work and therefore will no longer have access to Tesla systems and physical locations."

On April 29, Musk reportedly sent an email stating the need for more layoffs at Tesla. He also announced the departure of two executives and said that their reports would also be let go. Six known Tesla executives have left the company since layoffs began in April.

Take-Two Interactive, the parent company of Rockstar Games, said on April 16 that it would be "eliminating several projects" and reducing its workforce by about 5%.

The move — a part of its larger "cost reduction program" — will cost the video game publisher up to $200 million. It's expected to be completed by December 31.

As of March 2023, the company said it employed approximately 11,580 full-time workers.

Peloton CEO Barry McCarthy is stepping down, the company announced May 2. Along with his departure, the fitness company is also laying off about 400 workers.

McCarthy is leaving his role just two years after replacing John Foley as CEO and president in 2022. Peloton said the changes are expected to reduce annual expenses by over $200 million by the end of fiscal 2025 as part of a larger restructuring plan.

Careers site Indeed says it will lay off roughly 1,000 employees, or 8% of its workforce, as it looks to simplify its organization.

CEO Chris Hyams took responsibility for "how we got here" in a memo in May but said the company is not yet set up for growth after last year's global hiring slowdown caused multiple quarters of declining sales.

Hyams said the latest cuts will be more concentrated in the US and primarily affect R&D and Go-to-Market teams. It comes after last year's across-the-board reduction of 2,200 workers.

Retail giant Walmart is cutting hundreds of corporate jobs and asking remote employees to come to work, The Wall Street Journal reported in May, citing people familiar with the matter.

Workers in smaller offices, such as those in Dallas, Atlanta, and Toronto, are also being asked to move to central locations like Walmart's corporate headquarters in Arkansas or those in New Jersey or California, the Journal reported.

Under Armour confirmed it was conducting layoffs in its quarterly earnings report, which was released May 16.

The company said it will pay out employee severance and benefits expenses of roughly $15 million in cash-related and $7 million in non-cash charges this year related to a restructuring plan, with close to half of that occurring in the current fiscal quarter.

"This is not where I envisaged Under Armour playing at this point in our journey," CEO Kevin Plank told investors on the company's full-year earnings call. "That said, we'll use this turbulence to reconstitute our brand and business, giving athletes, retail customers and shareholders bigger and better reasons to care about and believe in Under Armour's potential."

Disney's Pixar Animation Studios is cutting 175 people, about 14% of its staff, Reuters reported.

The cuts started on May 21 as the studio returns to its focus on feature-length movies. Former Disney CEO Bob Chapek, who was axed in 2022, had increased staff across studios to create more content for the company's streaming service, Disney+.

Pixar cut 75 jobs last year, Reuters previously reported, part of a larger restructuring across Disney.

In a regulatory filing, Lucid Motors said it would lay off about 400 employees as part of a restructuring plan that should be complete by the end of the third quarter.

"I'm confident Lucid will deliver the world's best SUV and dramatically expand our total addressable market, but we aren't generating revenue from the program yet," CEO Peter Rawlinson said in an email to employees obtained by TechCrunch.

The cuts come ahead of Lucid's launch of its first electric SUV later this year. It comes over a year after the California-based company laid off 1,300 employees, TechCrunch previously reported.

John Deere, maker of the iconic green-and-yellow tractors, is laying off over 600 employees at factories in Illinois and Iowa, the AP reported July 1.

In May, John Deere said sales fell for the third consecutive quarter and projected that the declines would continue in the second half of its fiscal year.

London-based luxury retailer Burberry is expected to cut hundreds of jobs in the coming weeks, the Telegraph reported July 6.

Employees learned about the cuts in late June when they were told in a Zoom meeting that their roles could be eliminated or that they would need to apply for other jobs, according to the Telegraph.

Intuit announced on July 10 that it's cutting its workforce by 10%. The layoffs will affect 1,800 employees nationwide, but the company plans to hire 1,800 new employees in "key areas" like engineering, InvestorPlace reports.

The refocus on other areas is following a shift in focus on AI within the company, according to the outlet.

Intuit's stock dropped by 4.01% on July 10 after the company announced the layoffs.

Match Group, the parent company of Tinder and Hinge, said on July 30 that it would reduce its global workforce by about 6%, or about 156 employees because it is exiting the livestreaming business.

Match said it would remove the livestreaming service from its app Plenty of Fish and sunset the Hakuna app, which focuses on Korea and Japan.

The reduction in workforce is expected to save the company $13 million in annual costs.

Deadline and Bloomberg reported in July that Disney was making cuts across its TV division, to the tune of roughly 140 jobs — or 2% of the staff at Disney Entertainment Television (DET).

Layoffs will impact National Geographic, owned television stations, the marketing and publicity departments, and Freeform, per a source close to the matter, which notes no teams have been eliminated.

While Disney's cable TV business generates billions, it's on the decline, Bloomberg reports, and the company is seeking to cut costs.

Last year, Disney slashed 7,000 jobs across multiple rounds of layoffs as part of a strategy implemented by returning CEO Bob Iger.

Intel plans to cut thousands of jobs in response to a second-quarter earnings slump, Bloomberg reported earlier this week, citing unnamed people familiar with the move.

It was officially announced on August 1, as it posted Q2 earnings. The company intends to reduce its workforce by 15% by the end of 2024.

"Our Q2 financial performance was disappointing, even as we hit key product and process technology milestones," Intel CEO Pat Gelsinger said in a statement. "Second-half trends are more challenging than we previously expected, and we are leveraging our new operating model to take decisive actions that will improve operating and capital efficiencies while accelerating our IDM 2.0 transformation."

Intel's stock was down following the lackluster earnings.

The layoffs come after the chip maker laid off about 5% of its workforce last year, bringing its head count down to around 124,000, Bloomberg reported.

During the last round of layoffs, announced in October 2022, Intel faced a drop in demand for processors for personal computers and estimated the layoffs would save $10 billion in costs by 2025, per Bloomberg.

Intel did not immediately respond to a request for comment.

Diet program creator WW International, formerly WeightWatchers, plans to lay off employees, it said in an earnings call on August 1.

The company did not specify the number of jobs it will cut. But the layoffs will largely focus on corporate positions, including a 40% cut in roles above and at the vice president level.

The cuts are expected to save the company $60 million, the company's chief financial officer said.

Dell is cutting jobs on its sales team, Bloomberg reported. It wasn't immediately clear how many jobs Dell planned to eliminate.

In a memo announcing the cuts, company executives said that the choice was part of a restructuring to focus more on selling AI products and data center services, Bloomberg reported.

Dell did not immediately respond to a request for comment from BI, but a spokesman told Bloomberg: "Through a reorganization of our go-to-market teams and an ongoing series of actions, we are becoming a leaner company."

Paramount Global is planning to cut about 2,000 jobs ahead of its merger with Skydance Media, CNBC reported.

The company identified $500 million in cost savings as it prepared to join forces with Skydance, totalling about 15% of its US workforce, according to the outlet.

The cuts will begin in a few weeks and will mostly be finished by the end of 2024. Paramount employees in marketing and communications, finance, legal, technology, and other support functions have been targeted, the company said on an earnings call.

The cuts come about a month after Paramount agreed to merge with Skydance. Paramount shares jumped more than 5% after hours.

In August, the owner of Jeep and Dodge announced it is cutting 2,450 factory workers from its Warren Truck assembly plant outside Detroit.

The layoffs come because the company is ending production of the Ram 1500 Classic truck, Stellantis said. These factory cuts came after white-collar jobs were axed earlier this year.

On March 22, the company said it would lay off employees on its engineering, technology, and software teams in an effort to cut costs, CNBC reported.

Stellantis announced plans for another round of layoffs on July 30, according to Bloomberg. The company is offering voluntary buyouts to non-unionized US employees to "assist those interested in pursuing other career options or retirement," Stellantis said in a message seen by Bloomberg.

The job cuts, the total number of which remains unknown, come after a difficult first half of the year, with unit sales sinking by 16% in the US.

The audio equipment company said it slashed roughly 100 jobs in August. The layoffs significantly targeted its marketing division, The Verge reported.

CEO Patrick Spence said in a statement to BI that the company is now focusing on departing employees and "ensuring they have the support they need."

"This action was a difficult, but necessary, measure to ensure continued, meaningful investment in Sonos' product roadmap while setting Sonos up for long term success," Spence said.

Sonos is also reducing some of its customer support offices and will close one in Amsterdam later this year, according to The Verge.

The company previously cut around 7% of its workforce in June 2023, a month after it announced a 24% revenue drop in the second quarter compared to the previous year.

In February, networking company Cisco announced it was slashing 5% of its workforce, upward of 4,000 jobs, Bloomberg reported.

The company said it was restructuring after an industry-wide pullback in corporate tech spending — which execs said they expect to continue through the first half of the year.

On August 14, in a filing, Cisco said it would further reduce its global workforce by 7% amid sales and revenue declines. Reuters reported earlier that the company was slashing around 4,000 jobs as it shifted attention to cybersecurity and artificial intelligence.

Per its latest annual filing, Cisco had about 85,000 employees as of July 2023.

Long-troubled GoPro is laying off 15% of its 925 current employees, the company said in a filing.

The action sports camera maker reported a net loss of nearly $48 million in the quarter that ended in June, adding to a streak of consecutive losses.

The company laid off 4% of its staff in March.

Oil giant Shell will slash its workforce in oil and gas exploration and development by 20%, according to an August 29 report from Reuters. Company sources reportedly cited intentions to cut costs in the highly profitable segments due to "deep cuts in renewables and low-carbon businesses."

Exploration, wells development, and subsurface units will face hundreds of layoffs globally, with offices in Houston, The Hauge, and Britain expected to take the biggest hit, the sources told Reuters.

A Shell spokesperson would not comment directly on the layoffs but told Business Insider that, "Shell aims to create more value with less emissions by focusing on performance, discipline and simplification across the business."

"That includes delivering structural operating cost reductions of $2-3 billion by the end of 2025, as announced at our Capital Markets Day event in June 2023," the spokesperson added.

The global investment bank is set to cut hundreds of employees during annual reviews this year, The Wall Street Journal reported, citing people familiar with the situation.

Goldman Sachs is targeting low performers with the intention of laying off between 3% and 4% of its global workforce, equaling somewhere between 1,300 and 1,800 people, according to the outlet.

The cuts are already underway and will continue in the coming months, one person told the outlet. Goldman typically tries to cut anywhere from 2% to 7% of employees each year, per The Journal.

Goop is cutting 18% of its 216-person staff, citing a change to its organization, WWD wrote in September. It will now focus on beauty, fashion, and food — specifically its Goop Beauty and good.clean.goop beauty brands, G.Label clothing line, and Goop Kitchen restaurants.

That means it's moving away from wellness, home, travel, and sexual wellness, some of which are categories that once defined the brand.

Samsung is planning to cut jobs this year, a move that will impact workers in the US, Europe, Asia, and Africa, Reuters reported.

The electronic devices maker will cut up to 30% of staff in some divisions, the report says. It is unclear how many jobs will be impacted.

Samsung told Reuters in a statement that the workforce adjustments would not impact its production staff and that no specific targets for the cuts are in place.

Verizon is letting go of 4,800 US-based management employees in a voluntary separation program.

The company said in a Securities and Exchange Commission filing that more than half of these employees would exit in September, while the rest will leave by the end of March 2025.

The telecommunications giant expects severance charges to cost as much as $1.9 billion before tax in the third quarter of this year.

General Motors is laying off 1,695 employees at its Fairfax plant in Kansas, the company said in a Worker Adjustment and Retraining Notification notice in mid-September.

The layoffs will begin in mid-November, and a second phase will continue in January, Reuters reported, citing a GM spokesperson. It is unclear which departments will be affected, but about 1,450 of these employees will be laid off temporarily, the spokesperson said.

In August, the carmaker laid off over 1,000 workers, or 1.3% of its workforce.

The August layoffs came primarily from GM's software and services business, which it had bulked up over the past few years. Last year, the company brought on two former Apple executives to run the unit.

US logistics startup Flexport is laying off another 2% of its US staff this week as it aims to cut costs and reorganizes its retail delivery business.

The fulfillment center-focused cuts amount to about 40 people and were first reported by The Information, citing an internal memo.

In January, Flexport cut 15% of its staff, or around 400 people. Those cuts came after Flexport founder and CEO Ryan Petersen initiated a 20% reduction of its workforce of an estimated 2,600 employees in October 2023.

Flexport kicked off 2024 with the announcement that it raised $260 million from Shopify and made "massive progress toward returning Flexport to profitability."

New York Community Bancorp's Flagstar Bank will cut 8% of its workforce, or 700 jobs, as it aims to revamp its business, the company's CEO, Joseph Otting, said in a statement on October 17.

An additional 1,200 employees will be laid off at the end of the quarter after the company sells its residential mortgage business.

NYCB is also changing its name to Flagstar Financial as part of the turnaround efforts after losses from its commercial real estate portfolio.

Chief, which has positioned itself as the nation's largest network of senior executive women, confirmed to Business Insider on October 20 that it has shed roles.

The company told BI that the cuts, which had already been announced internally, mainly impacted "our technology and administrative functions."

"Like many companies, we are balancing growth and profitability," the spokesperson added.

In a June press release, the American company said 40% of its members were C-suite executives and that they represent more than 10,000 companies.

In April 2023, Chief cut 14% of its workforce in what the founders called a "challenging economic environment," TechCrunch reported at the time.

This January, the company said it would close its London offices — opened one year previously — to refocus on the American market.

Visa plans to lay off around 1,400 workers this year, The Wall Street Journal reported on October 29.

In a statement provided to BI, a Visa spokesperson said the company expects to grow its workforce for the foreseeable future but that it is continuously evolving to serve clients, innovate, and grow, "which can lead to the elimination of some roles."

"When this happens, we are committed to supporting our employees," the spokesperson added.

Workers affected by layoffs included employees and contractors, with more than 1,000 in technology roles, the Journal reported, citing unnamed sources familiar with the situation. Visa has more than 30,000 employees.

The cloud storage company is laying off 528 employees, targeting "over-invested or underperforming" areas, CEO Drew Houston announced in an email sent to employees.

"As CEO, I take full responsibility for this decision and the circumstances that led to it, and I'm truly sorry to those impacted by this change," Houston wrote.

The Dropbox chief cited diminishing demand and macro headwinds in the company's core business, as well as excessive management levels, as contributing factors.

The layoffs come as the company is undergoing a "transitional period" with its growing File Sync and Share (FSS) business and greater efforts on products like Dash, Dropbox's AI-powered work assistant.

Consulting giant KPMG informed about 330 people, or less than 4%, in its US audit workforce that they would be laid off within the next couple of weeks, a spokesperson told BI.

"The actions reflect our ongoing focus to align the size, shape and skills of our workforce to the market, while addressing continued low levels of attrition," the spokesperson said in a written statement.

This follows an earlier round of layoffs in March, as well as another one last summer, that also affected the company's audit unit, similarly due to low levels of voluntary exits, the spokesperson said.

Japanese automobile giant Nissan said during its November earnings release that it would be cutting 9,000 jobs in an attempt to save money.

The car company reported lower revenue for the period, which it attributed to higher selling and production costs. Nissan said it brought in about 32 million yen, or $208 million, at the end of the first half of the fiscal year — a steep drop from the $1.4 billion it reported for the same time last year.

In addition to a 20% production capacity reduction, CEO Makoto Uchida will give up 50% of his compensation and other executives have taken voluntary pay cuts.

NASA's Jet Propulsion Laboratory in California is cutting its workforce for the second time this year.

In November, the agency announced it plans to lay off 325 employees, or about 5% of its workforce. The cuts follow a round of layoffs in February, where JPL cut 530 employees.

"Although we can never have perfect insight into the future, I sincerely believe that after this action we will be at a more stable workforce level moving forward," JPL Director Laurie Leshin wrote in a company-wide memo.

Leshin added that the reductions affect all areas of JPL including technical, project, business, and support areas. The layoffs are the result of "continued funding challenges" Leshin wrote.

JPL is responsible for some of NASA's most daring feats like landing the Curiosity rover on Mars and guiding Voyagers 1 and 2 into interstellar space.

The Associated Press in November announced plans to reduce its staff by 8% through a combination of buyouts and layoffs.

"This is about ensuring AP's important role as the only truly independent news organization at scale during a period of transformation in the media industry," The Associated Press said in a statement about the cuts.

The union representing a portion of AP members indicated 121 of its guild members would be offered buyouts before layoffs began, per AP.

Less than half of the expected cuts will involve news employees, the outlet reported, and though the AP has bureaus around the world, a majority of the staff reduction will occur within the United States.

Sotheby's cut 100 employees from its New York offices on Tuesday, the company confirmed to multiple publications. The layoffs include back-office workers, junior staffers, and specialists, reports said.

The layoffs come as the auction market has experienced a recent slowdown in sales and earnings. The company also previously cut about 50 employees in its London location, Art News reported.

Sotheby's recently closed a deal in October for Abu Dhabi investment company ADQ to acquire a minority stake in the company. ADQ said in a press release about the deal that the $1 billion investment was meant to support Sotheby's domestic and international expansion plans.

Sotheby's did not immediately respond to a request for comment from BI.

Wells Fargo filed two WARN notices on December 4 sharing plans to lay off over 700 workers in Oregon, including 500 people from its Hillsboro location and 221 employees from its Salem office. It also plans to shut down both offices.

The company said in its filing that it verbally notified employees of the changes on December 3, and plans to deliver formal notices for displacement in the fourth quarter of 2025. Wells Fargo said it will provide more details on impacted roles at a later time.

Those who don't get relocated into other roles within the business are eligible to receive severance based on years of service and their opportunity to use the company health plan at active rates, the filing said.

"We continue to bring the majority of our non-customer facing positions together in locations best suited for our customers and our company," a Wells Fargo spokesperson told BI. "This effort does not impact our commitment to serving customers and clients."

CVS filed a WARN notice on Friday announcing 164 layoffs during a 14-day period beginning February 15.

The company shared plans in October to cut about 2,900 workers, which is less than 1% of the company, as part of a multi-year initiative to cut costs by $2 billion. The company said the vast majority of impacted workers were notified last week.

"Before taking this step, we prioritized finding cost savings everywhere we could, including closing open job postings," CVS said in a statement. "Decisions on which positions to eliminate were extremely difficult and do not diminish the value that impacted colleagues have brought to the company."

The company said most cuts would be corporate roles and wouldn't impact front line-line jobs in stores, pharmacies, and distribution centers.

The company also filed a WARN notice in October announcing 416 layoffs, 323 of which were remote. It filed another notice in November announcing 42 cuts, 30 of which were remote workers.

"We are committed to supporting these colleagues, who will receive severance pay and benefits, including access to outplacement services," the company said in a statement.

Party City sent an email to employees about mass layoffs at its New Jersey headquarters on Friday, CBS News reported. The company filed for bankruptcy protection in the Southern District of Texas the next day.

The company said in an announcement that the decision to "wind down" followed extensive efforts to continue operations in an "immensely challenging environment driven by inflationary pressures on costs and consumer spending."