Two more Bay Area software companies announced job cuts Wednesday, joining a long string of tech businesses that are laying off workers in reaction to shifts in the economy.
Splunk's cuts are estimated to impact about 325 employees.
Enrique Lopezlira, a labor economist and director of the Low-Wage Work Program at the UC Berkeley Labor Center. "The cost of borrowing has gone up quite a bit, a lot of those projects are not viable any more because the costs of capital for these firms are too high. And that makes those projects not as profitable as originally thought," said Lopezlirasaying cuts would be to the Product & Technology organization.
As tech companies continue to downsize, Mark Zuckerberg, CEO of META, which saw better than expected fourth quarter profits, said this would be the Year of Efficiency."I understand the lingo of efficiencies.
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