A person strolled towards the Lockheed Martin visitor center at 1111 Lockheed Martin Way in Sunnyvale. Recently, three high-profile tech companies, including Lockheed Martin, Coherent, and Hinge Health, have announced layoffs that will result in over 200 job cuts in the Bay Area.
Lockheed Martin, an aerospace and defense contractor, is set to cut 68 jobs in Sunnyvale and Palo Alto, effective June 10. Coherent, a semiconductor company, will be laying off 61 employees in Santa Clara on the same date. In addition, Hinge Health, a tech company specializing in online physical therapy, is planning to slash 77 jobs in San Francisco on June 11. All three companies have described the layoffs as permanent.
The tech industry has seen a total of 949 job cuts in the Bay Area so far this year. In April alone, over 352 job cuts were reported. However, this exceeds the numbers disclosed earlier this year and falls short of the staggering numbers announced in January and February of this year. Over 38,800 job cuts have been announced by tech companies in the region since 2022.
