Intel and Microsoft are cutting jobs after their financials came out worse than expected. AMD, according to the Intel article, is planning to cut 9% of its workforce. Apple, however, beat analysts expectations and posted a net income gain of almost 2% compared with last year. Apple’s rise, however, may be short-lived, since Steve Jobs is having health issues.
This hits very close to home since Intel has several major plants in the Portland area, and Microsoft is only three hours away in Redmond, WA. Portland’s unemployment rate is already over 9%, and this closure is only going to make things worse.
I think this is unfortunate across the board–less money coming into these companies, fewer jobs, and an atmosphere of fear are all affecting us. The one silver lining is that perhaps the sobering economy will force companies to focus hard on innovation and to come up with the next big idea. Hopefully there’s enough money to invest in that innovation.