VerticalScope, a Toronto-based digital media company, laid off 60 employees, representing 22% of its workforce, in early February 2023. This downsizing was part of a broader trend of tech sector cutbacks, driven by economic uncertainty and a significant business downturn. The company, which operates over 1,200 enthusiast community websites, reported a sharp decline in fourth-quarter revenue, particularly in e-commerce and digital advertising, prompting a restructuring to prioritize key opportunities and adjust its cost structure.
