GitLab, a provider of collaborative software development services, announced a workforce reduction of 7%, affecting approximately 130 employees, as part of its response to a challenging macroeconomic environment. The company, which had around 1,860 employees, cited slower software investment decisions by clients and a need for responsible spending alignment. CEO Sid Sijbrandij communicated the layoffs to staff on Thursday, noting that previous cost-saving measures were insufficient. The move follows similar cuts across the tech industry, with GitLab offering severance including four months' base salary and extended health benefits. The announcement led to a roughly 12% drop in the company's stock price.
