Intel Streamlining Sales and Marketing Departments
In the latest wave of job cuts sweeping through the Bay Area, semiconductor giant Intel has announced significant reductions in its workforce. According to state regulatory filings, Intel is poised to eliminate 62 positions within its sales and marketing departments at its Santa Clara headquarters, with layoffs set to commence on May 25.
This move comes as part of a broader restructuring initiative unveiled in 2022. The initiative aims to slash expenditures by up to $10 billion by 2025 in response to an unexpected decline in revenue. Last year alone, Intel shed approximately 7,000 positions in a bid to realign its operations.
“Our goal is to best reflect the markets and customers we serve,” stated Intel in response to the impending layoffs. “We continue to evaluate our structure through this lens to best support the dynamic demands of our market and customer-focused initiatives.”
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Checkr Implements Layoffs Amid Economic Pressures
Checkr, a San Francisco-based background-screening platform once valued at $5 billion, has also announced significant layoffs. The company, established in 2014 to automate background checks using artificial intelligence, has let go of 382 employees across various divisions, constituting 32% of its workforce.
These layoffs coincide with a hiring freeze and are attributed to adverse economic conditions affecting hiring trends.
“In response to economic conditions that have impacted companies’ hiring, we made the difficult and painful decision to reduce the size of our team,” stated a spokesperson for Checkr. “This will allow us to operate more efficiently and ensure the long-term health of our business.”
Checkr, serving as the primary provider of background checks for numerous companies including Uber, Instacart, Netflix, Airbnb, and Doordash, faces challenges amidst shifting economic landscapes.
Ghost Autonomy Ceases Operations, Triggers Mass Layoffs
Ghost Autonomy, a Silicon Valley startup founded in 2017 to develop software for self-driving cars, has ceased operations, leading to over 100 layoffs across its offices. With locations in Mountain View, Detroit, Dallas, and Sydney, the company cited an “uncertain” path to long-term profitability as a primary reason for its closure.
This decision was influenced by difficulties in raising capital and the extensive investments required to bring their technology to consumers. Ghost Autonomy had received a $5 million investment from OpenAI’s startup fund in November, underscoring the challenges faced by even well-funded ventures in the tech sector.
Rise in Layoff Announcements Reflects Industry Trends
March witnessed a 7% increase in layoff announcements in the United States, with the technology sector leading the uptick. According to a report by Challenger, Gray & Christmas, technology companies reported 14,224 job cuts in March alone, contributing to a cumulative total of 42,442 since the beginning of the year.
Despite this spike, the overall number of job cuts announced was down by 5% compared to the same period in 2023, indicating a potentially strengthening job market amidst ongoing economic uncertainties.