Three technology corporations and a biotech firm have announced plans to chop a whole bunch more jobs within the Bay Area, a grim reminder that cuts within the region's high-tech and life sciences sectors have yet to let up.
Worryingly, layoff pressures within the Bay Area technology industry could worsen dramatically, depending on the local impact of hundreds of worldwide job cuts announced by Cisco Systems and Intel, two leading Silicon Valley corporations.
In the most recent wave of layoffs, technology corporations AppLovin, Fastly and Velo3D and biotechnology company Grail each independently announced the choice to chop 334 jobs within the Bay Area, in keeping with official WARN letters the businesses sent to the state Department of Employment Development.
Over the past two years, technology corporations have announced plans to chop greater than 45,700 jobs within the Bay Area, in keeping with an evaluation of a whole bunch of WARN notices received by the EDD during that period.
Here are some details on recent layoff plans at Bay Area technology or biotech corporations:
– Software company AppLovin cut 61 jobs in Palo Alto on August 15.
– Fastly, a cloud services provider, 52 layoffs in San Francisco. The planned date is October 11.
— Velo3D, a 3D printing company, is cutting 42 employees in Fremont. The layoffs are expected to happen on October 8.
— Grail, a biotechnology company, is cutting 179 jobs in Menlo Park. The layoffs are scheduled for October 14.
The respective employers stated within the EDD notification that every one dismissals were everlasting.
Of course, these job cuts have painful consequences for the staff affected.
However, major cuts are looming within the technology sector.
Santa Clara-based Intel announced plans on August 1 to chop 15,000 jobs worldwide because the chip giant seeks to place more resources into artificial intelligence.
San Jose-based Cisco announced on August 14 that it plans to chop 7% of its workforce. According to the most recent estimates for the networking giant's global workforce, this might equate to a lack of 5,900 jobs.
The local impact of those cuts has yet to be officially announced, but previous layoffs orchestrated by Intel and Cisco resulted in job cuts within the Bay Area.
Despite the weakening technology sector, the Bay Area managed to create latest jobs last yr.
In the 12 months through July, technology corporations within the region cut a complete of 16,000 net jobs, in keeping with an estimate by Beacon Economics based on seasonally adjusted figures from the EDD.
But through the same period through July, employers within the Bay Area created 32,300 latest jobs, the EDD reported.
The technology industry's problems stand in stark contrast to the sector's typical role for half a century as one in all the Bay Area's reliable—and in recent times, most significant—engines of growth.
Originally published:
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