Homebot Layoffs

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Homebot, a real estate technology company, laid off 18 employees on December 14, 2022, representing 13% of its workforce. CEO Charlie Pratt cited the challenging economic environment, including the fastest mortgage rate increase in decades, a more than 50% decline in lending volumes, and reduced profitability in the mortgage industry. While the company experienced over 50% year-over-year revenue growth, the latter half of 2022 proved difficult, leading to the decision as Homebot had over-hired relative to the new market realities. The layoffs were a one-time adjustment with no further reductions planned, and affected employees received severance and support packages.

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