Latch Layoffs
May 2022
Latch announced a layoff affecting 130 employees (28% of its workforce) in May 2022. The company operates in the Security sector.
130
28%
May 20, 2022
About
On May 20, 2022, smart access and security company Latch, Inc. announced a workforce reduction affecting approximately 130 employees, which represents about 28% of its full-time staff. The company, which provides a full-building enterprise SaaS platform, stated the layoffs were necessary to better align its staffing and expenses with current sales volumes and the challenging macroeconomic environment, citing ongoing construction delays and supply chain issues. This move is part of a broader reorganization of its sales, marketing, and product departments aimed at accelerating the path to profitability and achieving self-sustaining free cash flow. Latch expects the restructuring to result in significant annual cost savings and anticipates incurring related cash charges in the second quarter of 2022.
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