Layoffs at Cisco, Reshamandi, and others; Indian PC market grows; Zomato shuts down Legends; and other top tech news of the week – Times of India

This week, several companies announced major changes to their operations. Networking giant Cisco Systems revealed plans to lay off approximately 7% of its global workforce, while Indian startup ReshaMandi faced a complete shutdown and layoffs amid financial struggles. On a more positive note, the Indian personal computer market showed resilience with a 7.1% growth in shipments during Q2 2024.Food delivery platform Zomato made headlines by discontinuing its intercity delivery service “Legends.” All this and more in our weekly round up of tech news – top tech news of the week.

Cisco announces layoffs; 6,000 jobs to be cut as networking giant focuses on AI and cybersecurity

Cisco Systems announced plans to lay off approximately 7% of its global workforce, potentially affecting around 6,000 employees, as part of a restructuring effort to focus on high-growth areas like AI and cybersecurity. This marks Cisco’s second major round of job cuts in 2024, following 4,000 layoffs in February.
The company plans to combine its networking, security, and collaboration departments into a single organisation, and expects to recognize pre-tax charges of up to $1 billion related to the restructuring. Cisco recently committed $1 billion to invest in AI startups and acquired cybersecurity firm Splunk for $28 billion, signalling its pivot towards emerging technologies.

GM lays off 1,000 employees at its tech campus, including 600 engineers

General Motors has announced layoffs of over 1,000 employees globally, including about 600 positions at its tech campus near Detroit, primarily affecting its software and services division. The company framed the cuts as necessary to simplify operations, make strategic choices, and prioritise impactful investments for GM’s future.

Action camera maker GoPro is cutting 140 jobs

GoPro has announced plans to reduce its workforce by approximately 15%, affecting around 140 employees, as part of a restructuring effort aimed at cutting operating expenses by $50 million. This marks the company’s second round of job cuts in 2024, following a 4% reduction in March. The restructuring is expected to be completed by the end of 2024.

Indian PC market grows in Q2 24

The Indian personal computer market grew 7.1% year-over-year in Q2 2024, shipping 3.39 million units including desktops, notebooks, and workstations. Lenovo overtook Dell and Acer to become the second-largest PC maker behind HP, with strong growth in both consumer and commercial segments. While the launch of AI PCs is expected to drive commercial refresh orders starting in Q3, analysts do not anticipate significant near-term consumer demand for these new AI-capable systems.

ReshaMandi lays off its entire staff

ReshaMandi, a startup that raised over $50 million in funding, appears to be facing a severe crisis as it has reportedly laid off its entire workforce and its website has been down for over a week. The company’s auditor, Walker Chandiok & Co LLP, resigned last month, highlighting alarming issues including financial struggles, downsizing operations, and the inability to complete financial statements for FY23.
Despite these challenges, ReshaMandi’s spokesperson claims the company is focusing on collecting pending receivables and hopes to get back on track soon, though the situation looks grim with mounting liabilities and operational costs.

Zomato shuts down Legends, its intercity food delivery service

Zomato, the food delivery giant, has discontinued its intercity food delivery service “Legends” due to lack of market fit after two years of operation. CEO Deepinder Goyal announced the immediate shutdown on social media platform X, marking the end of a service that had faced challenges since its launch in August 2022.

iQoo Z9s, iQoo Z9s Pro launched in India

iQoo has launched two new smartphones in India – the Z9s and Z9s Pro – featuring 6.7-inch 120Hz AMOLED displays and powerful processors. The Z9s Pro, powered by the Snapdragon 7 Gen 3 SoC, boasts a peak brightness of 4500 nits and a 50MP main camera with OIS, while the Z9s uses a Dimensity 7300 chip. Both phones offer 5500mAh batteries, with the Z9s Pro supporting 80W fast charging, and are priced starting at Rs 19,999 for the Z9s and Rs 24,999 for the Z9s Pro, available from August 29 and 23, respectively.

Google kills Fitbit watches, Pixel Watch to be the sole smartwatch from Google and Fitbit

Google has confirmed that Fitbit will no longer produce smartwatches, instead focusing on its popular line of activity trackers like the Inspire series. The Pixel Watch, now in its third iteration, has become Google’s primary smartwatch offering, integrating Fitbit’s health tracking expertise with Google’s AI capabilities. While Fitbit-branded smartwatches will be phased out, the Fitbit app and Premium service will continue to exist, deeply integrated into Pixel Watches and offering new features like AI-generated customised workouts for Premium users.

Mike Lynch, the British tech entrepreneur, found dead in the wreckage of superyatch Bayesian

The bodies of British tech entrepreneur Mike Lynch and his daughter Hannah have reportedly been found in the wreckage of their yacht, which sank off the coast of Sicily during a fierce storm. The recovery operation has been complex, with divers facing challenging conditions as they search the submerged vessel lying at a depth of around 50 meters.

Tencent-backed Black Myth: Wukong breaks all records

Black Myth: Wukong has achieved remarkable success, selling 10 million copies worldwide within three days of its global release on August 20, 2024. The game, considered China’s first major “Triple A” title, is inspired by the classic Chinese novel “Journey to the West” and has rivalled the sales figures of major international releases like “The Legend of Zelda: Tears of the Kingdom”.