Slowdown? Layoffs At Bay Area Tech Companies More Than Double
SAN JOSE (KCBS) – In a possible sign that the booming Bay Area economy could be slowing, layoffs at hi-tech companies have reportedly more than doubled in the early months of 2016.
The first four months of the year saw more than 3,100 hi-tech layoffs in the Bay Area, compared to 1,500 layoffs last year, according to a San Jose Mercury News report. Combined with disappointing earnings reports from tech companies and a drop off in IPO's, some see the jump in layoffs as more evidence the tech economy is taking a breather.
Dan Slee, a tech worker in San Jose, told KCBS that he is not worried about the layoffs.
"I see it more, rather than a sign of true weakness, I see it as a sign of things being reevaluated. The companies are making a decision now to be strong going forward. "
Indeed, the latest CEO survey from the Silicon Valley Leadership Group found 58 percent of chief executives do plan to hire in 2016.
Among the local tech companies that shed workers this year are Yahoo, Autodesk, Intel and Lockheed Martin.