Last Updated on July 28, 2023 by Robert C. Hoopes
LinkedIn, the professional networking platform, has recently announced its plan to cut nearly 200 jobs in the Bay Area as part of its ongoing worldwide staff cutbacks. The area has been experiencing a wave of tech layoffs, and this move by LinkedIn is seen as a confirmation of that trend.
According to an official filing with the state Employment Development Department, the cutbacks have affected a total of 187 employees in Sunnyvale, Mountain View, and San Francisco. The specifics of the layoffs include 102 workers in Sunnyvale, 13 in Mountain View, and 72 in San Francisco. These separations occurred on June 9, 2023, and LinkedIn has stated that these cutbacks are expected to be permanent.
The recent disclosure by LinkedIn regarding the local impacts of its global job reductions is the first of its kind. The company had initially announced the layoffs in May, which totaled around 700 jobs. This move by LinkedIn follows another tech company, Anaplan, revealing its plans to cut 119 jobs in San Francisco, with further layoffs expected in the coming months.
The Bay Area has seen a significant number of tech job losses in the past 18 months, surpassing 26,000 as per the analysis of state Employment Development Department WARN notices. However, there are signs that the pace of tech layoffs in the region has slowed down in recent months. In the first quarter of 2023, over 10,100 tech layoffs were reported, but this number dropped to 5,200 in the second quarter, indicating a decline in the pace of job losses.
As the third quarter progresses, there have been 540 job cuts in the Bay Area, pointing to a projection of 2,000 to 2,500 tech job losses in the coming months. However, a large layoff event could significantly impact these projections. The region’s tech industry remains dynamic and subject to various factors that could affect employment opportunities.