Unprecedented: Over 38,000 Tech Job Cuts in the Bay Area Since January 2022
A person is seen walking towards the Lockheed Martin visitor center at 1111 Lockheed Martin Way in Sunnyvale. Recently, several high-profile tech companies have announced layoffs that will result in over 200 job cuts in the Bay Area.
In Santa Clara, Coherent, a semiconductor company, has planned to lay off 61 employees on June 10th. This comes after Lockheed Martin, an aerospace and defense contractor, announced it would be cutting 68 jobs in Sunnyvale and Palo Alto on the same date. Hinge Health, a tech company specializing in online physical therapy, also revealed plans to slash 77 jobs in San Francisco on June 11th. All three companies have described the layoffs as permanent.
The recent announcements bring the total number of tech industry job cuts in the Bay Area to 949 for April. While this exceeds the number of cuts reported in March (352), it falls short of the staggering numbers disclosed earlier this year (January: 3,248; February: 2,182). However, since January 2022, over 38,800 job cuts have been announced by tech companies in the region.
