Bay Area tech layoff tracker: Which companies have ordered staff cuts in 2023?

(KRON) — The tech wave brought on by the pandemic continues to ebb as more Bay Area-based companies order layoffs.

Countless companies across the U.S. have ordered layoffs including high-profile tech companies such as Twitter, Meta, Microsoft and Amazon.

With the first month of 2023 behind us, companies continue to announce staffing cuts in and out of the tech industry. Many have cited the need to correct staffing after an aggressive hiring period during the pandemic or a restructuring of business strategies.

Coinbase

Crypto-trading company Coinbase headquartered in San Francisco announced a 20 percent staffing cut that would impact around 950 employees. The announcement came in the wake of the collapse of FTX with CEO Brian Armstrong citing “fallout from unscrupulous actors in the industry” along with downward trends in the crypto market and broader macroeconomy as reasons for the downsize.

As of Jan. 31, Coinbase’s stock price has dropped about 67 percent year over year.

Google

Tech behemoth Google announced a six percent slash of its workforce, which would impact around 12,000 jobs.

As of Jan. 31, Google parent company Alphabet’s stock price has fallen about 26 percent year over year.

Okta

San Francisco-based identity recognition software company Okta announced plans to cut its global workforce by five percent, which would impact about 300 employees.

In a letter to employees posted on its corporate blog Feb. 2, CEO Todd McKinnon admitted that the company hired too many employees for their current situation.

“A workforce reduction like this is the last thing I wanted to do, and I am truly sorry,” he told employees.

As of Feb. 2, Okta’s stock price has fallen about 58 percent year over year.

PagerDuty

San Francisco-based company PagerDuty announced a seven percent workforce layoff citing a change in the company’s strategy. The announcement said the layoffs would impact mostly North America

CEO Jennifer Tajeda faced backlash over her letter to employees announcing the layoffs, in which she quoted Martin Luther King Jr. and did not mention the layoffs until the seventh paragraph.

As of Jan. 31, PagerDuty’s stock price has fallen about seven percent year over year.

PayPal

PayPal, headquartered in San Jose, Calif., announced its plans to cut seven percent of its workforce, which would impact about 2,000 people.

As of Jan. 31, PayPal’s stock price has fallen about 50 percent year over year.

Salesforce

San Francisco-based company Salesforce announced a 10 percent cut to its staff, which would impact more than 7,350 employees.

In a letter to employees, CEO Mark Benioff said, “The environment remains challenging and our customers are taking a more measured approach to their purchasing decisions,” regarding the layoffs.

As of Jan. 31, Salesforce’s stock price has fallen by about 24 percent year over year.

Splunk

San Francisco-based data management company Splunk filed a letter with the SEC announcing its plans to cut four percent of its workforce mostly in North America, which would impact about 325 employees.

CEO Gary Steele cited organizational and strategic changes as the reason for the layoffs and is offering a severance package to any employees impacted.

As of Feb. 1, Splunk’s stock price has fallen about 21 percent year over year.

Workday

Workday, headquartered in Pleasanton, Calif., filed with the Securities and Exchange Commission that it planned to lay off three percent of its global workforce with the majority of the layoffs impacting its product and technology division.

The company said all notifications were set to be completed by Jan. 31.

As of Jan. 31, Workday’s stock price had fallen by about 24 percent year over year.

For a full list of companies that have seen layoffs, click here.