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Reply #18: Recession hits Silicon Valley as layoffs pile up [View All]

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OhioChick Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-24-09 05:30 PM
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18. Recession hits Silicon Valley as layoffs pile up
Source: Reuters

25 Jan 2009, 0110 hrs IST, REUTERS

NEW YORK: The recession turned up late on Silicon Valley's doorstep but is likely to stay awhile, as technology companies slash thousands of jobs and rein in costs to make up for shrinking earnings and tight-fisted customers.

Job cuts in the technology sector have trailed other industries until recent weeks. Now they are coming fast and furious as the economic downturn grips the Valley, the strip of land in northern California that is home to household names like Google Inc and Inc.

Tech giants like Intel Corp and Microsoft Corp are laying off thousands of employees, while start-up companies are firing in smaller numbers as they struggle to survive with fewer customers and venture capital dollars.

And this is just the start, analysts say, expecting thousands more to lose their jobs this year as the recession forces the industry to slash marketing and capital spending.

"Organizations are saying, 'What is the absolute nuclear winter? Let's plan for that,'" said Adam Charlson, senior partner at executive search firm Korn/Ferry International Inc, who works closely with the recruitment divisions of top tech firms. "What you're seeing now is organizations putting those plans into reality."

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  -California jobless rate soars Zorro  Jan-24-09 01:46 PM   #0 
  - Plus the state is running out of money - and thus welfare checks  truedelphi   Jan-24-09 01:50 PM   #1 
  - Will this effect medicaid payments?  senaca   Jan-24-09 02:32 PM   #4 
     - It has been said that the state as a whole will be dead broke by late April  truedelphi   Jan-24-09 02:51 PM   #5 
        - It's about time they vote for higher taxes there and grow up.  barb162   Jan-25-09 12:58 AM   #28 
           - I agree...  JPace   Jan-25-09 05:00 PM   #31 
           - I have relatives there with a house twice the value of mine and taxes  barb162   Jan-25-09 06:24 PM   #32 
           - Prop 13 - the fruits of that  xxqqqzme   Jan-26-09 01:36 PM   #37 
  - Der Gropenfuhrer is an economic girlie-man. n/t  Ian David   Jan-24-09 01:55 PM   #2 
  - ...  Donnachaidh   Jan-24-09 03:22 PM   #8 
  - The bastard and his republican buddies are getting it from both ends  nolabels   Jan-24-09 10:05 PM   #27 
  - 2009 will, indeed, be a bad year  BreatheOnMe   Jan-24-09 02:12 PM   #3 
  - Count Ohio in.  OhioChick   Jan-24-09 03:02 PM   #7 
     - Georgia too  Donnachaidh   Jan-24-09 03:23 PM   #9 
        - Georgia has a 100% non-transparent voting system. Who knows who Georgians  Peace Patriot   Jan-26-09 01:17 PM   #35 
  - 15% by September 2009  Hawkowl   Jan-24-09 02:58 PM   #6 
  - I really hope you're wrong  BreatheOnMe   Jan-24-09 03:37 PM   #10 
     - Granholm cut $3 billion out of the budget before even  louis-t   Jan-24-09 03:45 PM   #11 
        - Engler was almost as bad as Bush  BreatheOnMe   Jan-24-09 03:55 PM   #12 
           - Service tax would hurt those already hurting.  louis-t   Jan-25-09 12:22 PM   #30 
  - If you want to know how deep this depression will be, check out these graphs:  Barrett808   Jan-24-09 03:56 PM   #13 
  - Capacity utilization is the worst  TomClash   Jan-24-09 04:02 PM   #15 
  - New York also had a 1% jump nt  TomClash   Jan-24-09 03:59 PM   #14 
  - Its about the same in Oregon too  Oregone   Jan-24-09 04:08 PM   #16 
  - Too bad it's so broke it can't have another "Recall" election. n/t  bluesmail   Jan-24-09 04:53 PM   #17 
  - Recession hits Silicon Valley as layoffs pile up  OhioChick   Jan-24-09 05:30 PM   #18 
  - Seems there is no shortage of shitty news. n/t  ChromeFoundry   Jan-24-09 05:30 PM   #19 
  - The repercussions will be brutal on the housing market there.  LibDemAlways   Jan-24-09 05:30 PM   #20 
  - They say Real Estate values in Calif have already dropped 38%...  Azlady   Jan-24-09 05:30 PM   #23 
     - They'll start being more in line with the rest of the country.  barb162   Jan-25-09 12:59 AM   #29 
        - Which will leave millions  Abq_Sarah   Jan-26-09 02:23 PM   #39 
  - Even the Indian outsourcing industry is in decline  leveymg   Jan-24-09 05:30 PM   #21 
  - Hopefully, U.S. Corporations will think twice  OhioChick   Jan-25-09 07:01 PM   #34 
  - Bye-bye California budget. n/t  igil   Jan-24-09 05:30 PM   #22 
  - "tight-fisted customers"!?!?  Hugin   Jan-24-09 05:30 PM   #24 
  - Yeah and all the jobs in India will be safe.  barb162   Jan-25-09 06:26 PM   #33 
  - I never thought I'd see the day CA was nipping MI on the heels as far as unemployment.  roamer65   Jan-24-09 06:05 PM   #25 
  - Legalize Hemp and Marijuana, green jobs and we need 'em.  quidam56   Jan-24-09 06:53 PM   #26 
  - Orange County lost over 41,000  xxqqqzme   Jan-26-09 01:24 PM   #36 
  - And to think, not that long ago, we had a $10 billion SURPLUS in California.  Peace Patriot   Jan-26-09 02:11 PM   #38 
  - Welcome to Michigan's nightmare, California.  sarcasmo   Jan-26-09 08:04 PM   #40 

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