I read somewhere that Thailand is currently the world's largest hard drive manufacturer. It is therefore entirely possible that a substantial number of these job cuts with be in Thailand which definitely has dramatically lower salaries than the Bay Area.
source on the Thailand and HDs for those that are interested. This article from 2011 claims that 25% of global HD assembly is in Thailand. http://www.ft.com/cms/s/2/f0f9a234-fb33-11e0-8756-00144feab4...