Thinkific

Vancouver-based edtech company Thinkific has laid off 76 employees, representing 19% of its workforce of 394, as part of a renewed push to achieve profitability. Announced on January 10, 2023, this marks the second significant round of cuts in less than a year, following a reduction of 100 staff in March 2022. CEO Greg Smith cited the need to refocus the company and accelerate its path to positive adjusted EBITDA by year's end. The publicly traded software firm, which helps creators build and sell online courses, is navigating a challenging economic downturn that has impacted the broader tech industry, leading to widespread layoffs as companies prioritize financial sustainability over growth.

Thinkific, a Vancouver-based online course platform, conducted another small round of layoffs last week, terminating more than a dozen staff, primarily in marketing roles. This follows a larger layoff in March 2022, when the company let go of 100 employees from its peak of 500. The recent cuts are part of a broader downturn in the tech sector, as the post-pandemic market correction impacts Canadian companies. Thinkific, which went public in 2021 and saw its stock price fall sharply, continues to launch new products like "Communities" and maintains its focus on growth in the knowledge economy, despite the ongoing adjustments to its workforce.

Vancouver-based online course platform Thinkific is laying off 100 employees, representing one-fifth of its 499-person team. The cuts, announced after the company reported a $26.4 million USD net loss last year, are part of a restructuring to increase efficiency and reduce costs. Affected roles span general administration, customer support, management, and targeted reductions in research & development and sales & marketing. This move follows a period of rapid post-IPO growth, where headcount nearly doubled since early 2021, but was accompanied by mounting losses and a significant drop in share price. The company, which went public on the Toronto Stock Exchange in April 2021, provides cloud-based software for entrepreneurs to create and sell online courses.