Startups and tech giants continue to cut San Francisco workers en masse despite rising stock market, reduced recession fears
In recent weeks, Cisco warned state and local employment officials it was cutting 108 workers in San Francisco; Instacart, 105; Aurora Solar, 115; Grammarly, 82; Okta, 83; and Salesforce, 51.
When San Francisco’s tech companies and startups started shedding jobs en masse in mid-2022, those initial job cuts weren’t much of a surprise. Many tech companies have said they’re cutting staff to invest in other areas or to streamline their operations. For example, when Instacart announced earlier this month that it would lay off 250 people companywide, CEO Fidji Simo described the move as a kind of trade-off for the company.
Ex // Top Stories What to know and where to go for Election Day in San Francisco It's not too late to vote if you missed last month's registration deadline But in many cases, the heady growth companies saw in the early days of the pandemic started to taper off — and their expenses started to catch up with them.
Another factor likely playing a role in the ongoing layoffs is tech leaders following the playbook of their peers. Alphabet and Meta’s announcements in late 2022 and early last year that they were laying off thousands of workers helped set the tone for the industry. Those moves gave permission to other companies to follow suit, experts say.
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