Bay Area Job Losses Mount, Hundreds More Laid Off
Tech and Biotech See Major Downsizing
Over 700 Bay Area workers to lose jobs in the coming weeks
Multiple Bay Area companies have announced hundreds of job cuts in recent days, signaling a wave of downsizing that is hitting tech and biotech sectors particularly hard. BioMarin Pharmaceutical, a San Rafael-based biotech specializing in genetic disease treatments, has announced plans to eliminate hundreds of jobs at its Silicon Valley headquarters. The layoffs are part of a broader cost-cutting measure as the company faces challenges in its drug development pipeline.
In San Jose, two tech companies and a biotech firm have also announced plans for significant job cuts. San Jose-based semiconductor company Cadence Design Systems is laying off 200 employees, while business software provider Informatica is cutting 120 jobs. Biotech firm Vaxart, also headquartered in San Jose, is eliminating 75 positions.
These layoffs add to a growing trend of job cuts in the Bay Area, which has been hit by a downturn in the tech sector as well as rising costs. In December, Meta Platforms announced plans to lay off 11,000 employees globally, including a significant number in the Bay Area. Google, Amazon, and Salesforce have also announced hiring freezes or layoffs in recent months.
The job losses are a blow to the Bay Area economy, which has long been a hub for technology and biotech innovation. The cuts are also likely to have a ripple effect on the region's housing market and other industries that rely on tech workers.
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