Leave your feedback Share Copy URL https://www.pbs.org/newshour/show/tech-industry-faces-struggles-amid-economic-slump Email Facebook Twitter LinkedIn Pinterest Tumblr Share on Facebook Share on Twitter Transcript Microsoft announced a drop in earnings and unprecedented job cuts, and the Intel Corporation revealed plans to shutter five plants and lay off thousands of workers Thursday. Lee Hochberg examines how the technology industry is weathering the economic crisis. Read the Full Transcript Notice: Transcripts are machine and human generated and lightly edited for accuracy. They may contain errors. JIM LEHRER: As the president met again today with his top economic advisers, there was more down news on jobs, this time from the once high-flying high-tech industry and its best-known companies.Microsoft announced its first major layoffs ever today, up to 5,000 jobs. Google's quarterly earnings fell for the first time in its history, and chipmaker Intel said yesterday it planned to restructure. Smaller tech companies are having to cope, as well.Special correspondent Lee Hochberg has a report from Portland, Oregon. LEE HOCHBERG, NewsHour Correspondent: Howard Bubb is a large, imposing man, but he seemed deflated as he walked through his empty and soon-to- be-liquidated office. HOWARD BUBB, CEO, Ambric Inc.: It's a very difficult time when you can't take a business forward. You know, it's just over. This financial crunch isn't just about Wall Street and housing; the reach is much, much, much broader. LEE HOCHBERG: Bubb started Ambric Incorporated in suburban Portland in 2003, with the dream of creating the world's fastest computer processor. He assembled a team of 69 employees. AMBRIC EMPLOYEE: Preferred stocks. This is the real thing here. This is what it takes to start a company. LEE HOCHBERG: And his team succeeded. It built a processor that can do more than a trillion operations in a second. AMBRIC EMPLOYEE: Great job. AMBRIC EMPLOYEE: Three cheers.