Tech layoffs continue: Coherent cuts more than 100 jobs in bay area
As part of its restructuring plan, Coherent is set to eliminate over 100 jobs in the Bay Area, reflecting the growing trend of layoffs in the tech industry.
According to an official filing with the state Employment Development Department (EDD) viewed by Mercury News, Coherent, the maker of advanced lasers, optical equipment, and other related technology, announced its decision to cut jobs in Fremont, US.
As per the WARN notice submitted to the EDD, Coherent is set to cut 108 jobs at its Finisar subsidiary located on Christy Street in Fremont. The company attributed the layoffs to unfavourable business conditions.
“This action is necessary due to a fall in business demand, which prompted a restructuring of operations with a focus on reducing business costs,” Shirley Reha, chief human resources officer with Coherent, wrote in the WARN letter, reported Mercury News.
Since mid-2022, tech and biotech companies had revealed plans to eliminate over 23,000 jobs in the Bay Area, including the recent rounds of job cuts that included 55 additional layoffs at Salesforce in San Francisco. Some of these layoffs had already occurred while others are still pending.
Coherent had notified all affected employees about the job terminations earlier this week. The company had mentioned in its state labour filing that the job cuts were expected to take place on May 15 of the same year. “We expect our layoff to be permanent. There are no bumping rights,” Coherent said in a letter to the affected workers.