On January 12, 2023, Tokyo-based news aggregator SmartNews, a company valued at $2 billion, laid off approximately 120 employees, representing 40% of its workforce in the U.S. and China. The cuts primarily affected roles in engineering, product, and data science. The company, which employs nearly 900 people globally, cited challenging economic conditions as the reason for the restructuring. Following the announcement, which was made during a remote all-hands meeting, SmartNews also indicated plans for further voluntary departures in its home market of Japan. The layoffs are part of a broader effort to streamline operations amid a difficult market environment for the tech and media industry.
