On June 10, three high-profile tech companies in the Bay Area, including Lockheed Martin, Coherent, and Hinge Health, announced plans to cut a combined total of over 200 jobs. Lockheed Martin will be cutting 68 jobs in Sunnyvale and Palo Alto, while Coherent will be laying off 61 employees in Santa Clara. Hinge Health is planning to slash 77 jobs in San Francisco on the same day. All three companies have described the layoffs as permanent.
The latest round of job cuts brings the total number of tech industry layoffs in the Bay Area this year to over 4,000. This exceeds the number of cuts 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 recent round of job cuts has left many workers in the industry feeling anxious about their future. Some experts predict that these cuts could lead to a shift away from hiring new talent and towards focusing on core operations. However, others say that it’s too early to predict how long these cuts will last or what impact they will have on the industry as a whole.
In response to these job losses, some workers are looking for new opportunities outside of traditional tech companies. Others are exploring alternative ways to continue working remotely or starting their own businesses instead of searching for new jobs altogether. Whatever happens next remains to be seen, but one thing is clear: The tech industry continues to evolve rapidly, and it’s up to each individual worker to adapt and find their place within it.