Snyk Layoffs
October 2022
Snyk announced a layoff affecting 198 employees (14% of its workforce) in October 2022. The company operates in the Security sector.
198
14%
Oct 24, 2022
About
On October 24, 2022, Israeli-US cybersecurity company Snyk announced a second round of layoffs, cutting 198 employees, which represents 14% of its workforce of approximately 1,400. CEO Peter McKay cited significant market shifts and a need to adapt to economic headwinds, aiming to balance growth with profitability and achieve free cash flow positivity by 2024. This follows a previous layoff of 30 employees in June 2022, as the tech sector slowed. Despite rapid growth—doubling annually with over 2,300 customers—Snyk faced challenges, including a potential drop in valuation from its last $8.5 billion funding round in 2021. The layoffs are part of a restructuring to operate more efficiently amid global economic uncertainties.
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