Superloop Layoffs

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In August 2020, Australian networking and internet service provider Superloop laid off 30 employees as part of cost-cutting measures driven by the COVID-19 pandemic. This reduction, which decreased permanent headcount costs by 10.7%, was a response to significant revenue declines in its student accommodation and hospitality-focused internet services due to nationwide lockdowns. The layoffs followed a temporary four-day workweek implemented in April. For the financial year ending June 2020, Superloop's revenue fell 9.11% to $106.6 million, though it reduced its net loss from $72 million to $41 million through operational cuts and reduced capital expenditure. The company, which operates in the telecommunications and managed services industry, subsequently restructured and shifted focus toward sales and monetizing its network infrastructure.

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