Tech layoffs more than doubled in 2nd quarter

Layoffs announced by U.S. employees in the technology sector more than doubled in the second quarter, reaching the highest level in a year, according to new data from consulting firm Challenger Gray & Christmas Inc.

During the period, the computer, electronics and telecommunications industries announced plans to cut a combined 20,491 positions, up from 8,392 during the first quarter, but down from 39,164 a year earlier.

The second quarter included layoff plans from tech giant International Business Machines Corp. IBM -0.08%  , which is expected to cut as many as 8,000 workers after the company posted disappointing first-quarter earnings, according to Challenger.

Computer firms reported the highest number of planned job cuts--at 16,404--up sharply from 3,526 during the first quarter. Cuts by electronics firms surged 68% to 2,344 from the previous quarter. However, planned telecom cuts were down by half at 1,743. Read more >>