Megaport

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In August 2022, Megaport, a telecommunications infrastructure company, laid off 35 employees as part of cost-cutting measures to address rising inflation and achieve profitability. The layoffs, representing a small percentage of its workforce, were aimed at turning earnings positive by the fourth quarter and reducing overall losses. This move was positively received by investors, with shares rising 9% despite a broader downturn in the tech sector, though the company's stock had still declined significantly since the start of the year.