From Seeking Alpha, October 5, 2008...
Silicon Valley is seeing pink. Hit by turmoil in the financial markets, general economic decline, and slowing sales, the tech sector is expected to follow Wall Street with its own mass layoffs.
Rumors abound that AT&T (T), Yahoo (YHOO), and eBay (EBAY) will together release thousands of workers into the unemployment pool. Those will add to the mounting figures: Earlier this year, Sun Microsystems (SUNW)let up to 2,500 employees go; Nortel (NT) is cutting 2,100 jobs; Hewlett-Packard (HPQ) will reduce staff by nearly 25,000 following its acquisition of Electronic Data Systems; and even Google (GOOG) got into the game with the shedding of 300 jobs at DoubleClick.
According to the San Jose Mercury News, there are around 1,417,000 people out of work in California alone. That's up 413,000 from this time last year.
Read more...
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment