Bay Area tech layoffs: Three companies plan hundreds of job cuts in 2024 - San Francisco Chronicle

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Pac-12 Conference Commissioner George Kliavkoff fields questions during the league’s football Media Day in 2021. With the league losing 10 of its 12 teams after this school year, it plans layoffs from its media section.
Marcio Jose Sanchez/Associated Press

As the year comes to a close, hundreds of Bay Area residents are set to start the new year unemployed in the wake of recent widespread layoffs.

Pac-12 Enterprises, the streaming and media services branch of the Pac-12 Conference, will trim 141 positions at its San Ramon headquarters. This decision comes in the aftermath of the majority of athletic teams parting ways with the conference.

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Earlier this year, the Pac-12 secured a lease for a 42,000-square-foot space in Bishop Ranch dedicated to production studios and workspaces, generating more than 850 live sports events annually. Permanent layoffs for all positions at the facility are slated to begin on Jan. 5 and continue through June 28, according to regulatory filings to the state.

In its first reported financial year since the COVID-19 pandemic, published in May, the Pac-12 reported a record consolidated revenue of $581 million, marking a 9% increase from the 2019-2020 financial results. But the conference now faces extinction with only two of its 12 schools remaining after this school year, having failed to secure a media rights agreement comparable to its competitors.

Meanwhile, digital identity software firm ForgeRock is set to cut 109 roles in San Francisco during the first quarter of 2024. The layoffs will take place in waves from Jan. 7 to June 30. Following its acquisition by private equity firm Thoma Bravo for approximately $2.3 billion and a subsequent merger with Ping Identity in August, ForgeRock will keep its headquarters at 201 Mission St. in the South of Market neighborhood.

In its latest financial report for the second quarter of 2023, the company recorded $58.3 million in revenue, reflecting a 22% year-over-year growth.

Additionally, semiconductor manufacturer Analog Devices Inc. will eliminate 111 jobs at its Rio Robles office in north San Jose, with the layoffs slated for Jan. 12 through Feb. 2. The job cuts, impacting nonunionized employees, are deemed permanent, according to its filings to California’s Employment Development Department.

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In its fourth-quarter earnings report published last month, the Massachusetts-based company reported $2.7 billion in revenue, reflecting double-digit year-over-year growth.

CEO Vincent Roche, said in a statement, “For the fourth quarter, ADI delivered revenue and profitability above the midpoint of our outlook, despite the difficult macroeconomic environment.”

Reach Aidin Vaziri: avaziri@sfchronicle.com

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