Intel, Walmart, Renesas and Boston Scientific disclosed plans for well over 500 job cuts in the Bay Area as the wobbly tech industry struggles in the face of ongoing layoffs.
All told, the four companies have revealed intentions to eliminate 567 Bay Area tech jobs, according to official notices the organizations sent to the state Employment Development Department.
The layoffs extend what is shaping up as a rough 2025 for the tech industry in the Bay Area.
The tech industry’s job losses have contributed to a feeble job market in the Bay Area so far this year.
Some of the staffing reductions have taken place already. Others are scheduled to occur in July or August, the WARN letters show.
Here are some details about the tech layoffs that the four companies have reported to the state EDD:
— Walmart, a retail and e-commerce titan, 381 job cuts at three locations in Sunnyvale. All the cuts are occurring at a tech hub on West California Avenue near Sunnyvale’s Caltrain Station. The layoffs are scheduled for Aug. 22.
— Intel, a legendary semiconductor giant, 107 layoffs at multiple Santa Clara locations, at or near the company’s headquarters. The job cuts were scheduled to occur July 15.
— Renesas, a semiconductor company that had been in expansion mode until recently, 56 staffing reductions affecting workers in San Jose and Milpitas. The downsizing occurred May 12.
— Boston Scientific, a medical equipment maker, 23 job cuts in Sunnyvale. These layoffs are scheduled for Aug. 2.
The local layoffs come on the heels of fresh job losses for the tech industry in the Bay Area, with the San Francisco metro region taking the most brutal hit in the most recent EDD jobs report.
Tech employers slashed a net total of 3,200 jobs during May in the Bay Area. The San Francisco-San Mateo region lost 2,400, the East Bay shed 400, and the South Bay lost 200. The numbers were derived from a seasonally adjusted assessment that Beacon Economics produced, using the EDD monthly report as the data source.
As for the recent layoff reports, Walmart, Intel, Renesas and Boston Scientific all described the job cuts as “permanent,” according to the WARN letters.
Santa Clara-based Intel has been warning of its intentions to eliminate up to 20% of its workforce, potentially affecting 10,000 or more workers worldwide.
Intel’s WARN notices provide the first clues about how these global cutbacks might affect the chipmaker’s workers in the Bay Area.
Some experts believe tech companies are adding jobs in some segments of their businesses even as they chop jobs in other parts of the organization.
That might be the case with the Walmart layoffs, based on some of the information Walmart provided in its WARN letter to the state EDD.
“Walmart is reshaping some teams in our Global Tech and Walmart U.S. organizations where we have identified opportunities to remove layers and complexity, speed up decision-making, and help associates innovate rapidly,” Maren Waggoner, a Walmart chief people officer, wrote in the WARN notice.
The company told the EDD that Walmart is hiring at the same time it is cutting workers.
“We are eliminating roles as well as opening some new roles aligned with our business priorities and growth strategy,” Walmart stated in the WARN notice.
As an example of Walmart’s potential growth in some areas, the company recently signed a big lease for office space in Sunnyvale.
The office deal followed Walmart’s opening of a big new Sunnyvale campus near the site where the company just signed its lease.
Walmart also held open the possibility that some workers whose jobs are being cut could find employment elsewhere with the huge company.
“We do not expect all impacted associates to experience employment loss due to this event,” Walmart told the EDD in the WARN letter. “We anticipate that many impacted associates will relocate or continue employment in a new position within the company. All affected associates can apply for open positions at other company facilities.”
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