On the morning of June 10th, three major tech companies in the Bay Area are set to cut a combined total of over 200 jobs. Lockheed Martin, an aerospace and defense contractor, will be laying off 68 employees in Sunnyvale and Palo Alto. Coherent, a semiconductor company, is planning to slash 61 jobs in Santa Clara. Hinge Health, a tech company specializing in online physical therapy, is also announcing layoffs of 77 jobs in San Francisco. All three companies have stated that these cuts are permanent.
In recent months, the tech industry has seen a steady stream of job cuts across the Bay Area. In April alone, there were 949 job cuts announced, with Apple revealing plans for 614 layoffs in Santa Clara. This exceeds the number of layoffs reported in March but falls short of the staggering numbers disclosed earlier this year.
Since January, over 38,800 job cuts have been announced by tech companies in the region. The reasons for these cuts vary from company to company but include cost-cutting measures and shifting business priorities. Despite these challenges, many experts remain optimistic about the long-term outlook for the tech industry in the Bay Area and beyond.