An area in California has lost 45,000 jobs in the tech industry since 2022, and now big tech is announcing plans to lose hundreds more jobs.
Intuit has announced plans to lay off 384 employees at its Mountain View, California headquarters, as stated in a filing with the state’s Employment Development Department. This announcement is part of the tech giant’s strategy to shift its focus to artificial intelligence.
As part of its strategy to reduce its headcount by around 10%, the company is laying off workers in the Bay Area and replacing them with a comparable number of AI, product development, and customer service specialists.
Sasan Goodarzi, CEO of Intuit, said on Wednesday that businesses that aren’t ready to embrace artificial intelligence would inevitably fade away.
The Mercury News analyzed tech layoffs and found that thousands of jobs have been lost in the Bay Area since 2022. More than 45,300 jobs have been eliminated in the Bay Area in the past two years, according to its analysis of California’s Worker Adjustment and Retraining Notification notifications.
Many Silicon Valley companies, including Intel, Intuit, and Tesla, have announced layoffs in an attempt to streamline operations and save money.
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Six of Tesla’s Bay Area locations were hit hard by 601 layoffs in May. A few months prior, it had cut 2,753 positions at the electric vehicle manufacturer’s Palo Alto, California, offices and gigafactory.
Following its January statement that it would be laying off over 700 people, Google has now revealed that it will be downsizing its office space in the Bay Area.
As part of a plan to reduce expenses caused by falling revenues, semiconductor behemoth Intel announced a reorganization effort in 2022 and would be laying off 7,000 workers in the following year. Intel further reduced its workforce in March by 62 positions at its Santa Clara, California, headquarters.
