MySpace is cutting headcount in its US offices by a whopping 30 percent - although senior management is allegedly dodging the axe for now.

Toshiba has posted the largest net loss in the history of the company - and plans to shed 3,900 contract workers from its Japanese facilities to cut costs.

Panasonic has announced massive losses this year which have forced the company to cut 15,000 jobs and close 27 manufacturing plants worldwide.

Despite showing excellent grown in many of its divisions - up to 27 percent year-on-year - AOL has announced that it is to let around ten percent of its workforce go.

In further proof that the tech sector is really feeling the credit crunch, Google has announced the closure of three engineering offices and is trimming its service offerings.

Western Digital has announced that it is in financial difficulties, and is to close two facilities and lay off around 2,500 workers along with other cost-cutting measures.

Sun Microsystems is to lay off around 6,000 workers - or 18 percent of its total staff - in an attempt to return to profitability following a poor financial year.