A spate of job cuts has cut across the heart of the tech industry as investors have warned Silicon Valley’s businesses to prepare for a downturn.The job losses have been triggered by a number of company directors who feel that they are more realistic about the possible implications of a downturn in trade.
Online advertising network Adbrite cut 40 of its 100 staff last week, with chief executive Iggy Fanlo saying: “It’s the need to get profitable immediately. We’re heading for some tough times. I made the decision to go very deep, very quickly so we won’t have to do it again.”
A private investors meeting held by Californian venture capital firm, Sequoia Capital set the tone. Attendees were greeted by a presentation of a gravestone bearing the words “RIP Good Times.”
The FT reports that other experienced start-up investors have been spreading the same warning as Sequoia, telling companies to cut back in anticipation of a severe downturn.
Advertisement
Related Stories
- Vendor job cuts rumoured to be on the way May 21st 2012 at 1:21PM
- Tech City to host Silicon Valley Nov 18th 2011 at 12:41PM
- AMD welcomes the new year with staff cuts Nov 9th 2011 at 5:27PM
- Olympus admits covering up losses Nov 8th 2011 at 11:09AM
- Future UK to cut around 100 jobs Jul 15th 2011 at 3:13PM
- Up to 10,000 job losses feared at Cisco Jul 12th 2011 at 1:35PM
- Microsoft aims to create 4,000 jobs Jan 10th 2011 at 12:24PM
