As the curtain falls on 2023, a harsh reality awaits hundreds of Bay Area tech workers. Three major companies – Pac-12 Enterprises, ForgeRock, and Analog Devices Inc. – are set to swing the axe, cutting hundreds of jobs in the new year.
Pac-12 Enterprises, the media arm of the Pac-12 Conference, is set to cut 141 positions at its San Ramon HQ. This move follows the departure of most athletic teams from the conference.
Despite securing a lease for a 42,000-square-foot production studio and workspace earlier this year, the company plans to start layoffs on Jan. 5, continuing through June 28. Despite a record revenue of $581 million in its first financial year post-COVID, the conference is on the brink of extinction, with only two of its 12 schools remaining.
ForgeRock, a digital identity software firm, is also tightening its belt, cutting 109 roles in San Francisco in the first quarter of 2024. The layoffs, scheduled from Jan. 7 to June 30, come in the wake of the company’s $2.3 billion acquisition by Thoma Bravo and subsequent merger with Ping Identity. Despite a 22% year-over-year growth, reflected in its $58.3 million Q2 2023 revenue, the company is trimming its workforce.
Analog Devices Inc., a semiconductor manufacturer, is also joining the layoff league, axing 111 jobs at its Rio Robles office in north San Jose from Jan. 12 through Feb. 2. The company, which reported $2.7 billion in revenue in its last earnings report, is making these cuts permanent, impacting nonunionized employees.
CEO Vincent Roche acknowledged the challenging macroeconomic environment, stating, “For the fourth quarter, ADI delivered revenue and profitability above the midpoint of our outlook, despite the difficult macroeconomic environment.”
As the tech industry navigates these choppy waters, the Bay Area braces for a wave of layoffs, a stark reminder of the volatile nature of the sector.