New wave of job cuts rocks Bay Area tech industry, impacting economy

As a person walks towards the Lockheed Martin visitor center at 1111 Lockheed Martin Way in Sunnyvale, news of recent job cuts in the Bay Area has emerged. Lockheed Martin, along with Coherent, a semiconductor company, and Hinge Health, a tech company providing online physical therapy, have decided to lay off a total of more than 200 employees.

Lockheed Martin is set to cut 68 jobs in Sunnyvale and Palo Alto, effective June 10. Coherent will eliminate 61 positions in Santa Clara on the same day. Hinge Health plans to slash 77 jobs in San Francisco on June 11. These job cuts are described as permanent by all three companies.

In April alone, tech companies have disclosed plans to eliminate 949 jobs in the Bay Area, including Apple’s announcement of 614 layoffs in Santa Clara. These April layoffs exceed the 352 job cuts reported in March. However, the layoffs in April and March combined are lower than the significant number of jobs cut in January and February of this year.

Tech companies in the Bay Area have revealed plans to cut more than 38,800 jobs since the beginning of 2022. These recent layoffs are part of a larger trend of job reductions in the tech industry in the region.