Layoffs in Bay Area tech sector rise to lowest level in over a 12 months

Layoffs within the Bay Area's tech sector have jumped over the past three months, hitting their highest quarterly level in over a 12 months, a grim sign that the drastic cuts in this important sector are usually not over yet.

During the period from April to June of this 12 months, technology corporations announced plans to chop well over 7,000 jobs within the Bay Area, in response to a listing of official notices employers sent to the state unemployment agency compiled by this news organization.

In the primary quarter of 2023, technology corporations announced plans to chop 10,154 jobs within the Bay Area, the worst three-month period for the reason that technology industry began its current strategy of cutting employees in pursuit of greater efficiency and higher bottom line performance.

In recent days, layoffs have continued to occur within the technology industry.

According to a review of recent layoff notices, technology corporations notified the state EDD of their decision to chop greater than 500 jobs within the last two weeks of June alone.

Here are the small print of recent layoffs within the tech industry, based on WARN notifications sent to the state:

– Lacework, a cloud and software security company, is cutting 180 jobs in Mountain View.

– Moxion Power, a green energy and battery company, 101 layoffs in Richmond.

– Planet Labs PBC, a worldwide imaging technology company, cuts 98 jobs in San Francisco.

– Lockheed Martin Space, a satellite technology and defense provider, is cutting 68 jobs in Sunnyvale.

– AT&T, a telecommunications titan, 56 layoffs in San Ramon.

– Thought Stream, a software company called Bluescape, is cutting 35 employees in Redwood City.

All layoffs were described as everlasting. The job cuts at Thought Stream were a results of the corporate's decision to permanently close an office in Redwood City.

According to an evaluation of WARN notices from the state Employment Development Department, technology corporations have announced plans to chop greater than 44,900 jobs within the Bay Area in 2022, 2023 and the primary half of 2024.

The 44,900 Bay Area tech layoffs consist of about 10,300 job cuts in 2022, nearly 21,600 layoffs in 2023 and about 13,000 high-tech job cuts in the primary half of 2024, in response to WARN letters on file with the state EDD.