Layoff Events

AnswerLab, a user experience (UX) research firm, has conducted its first layoff in its 18-year history, eliminating 17% of its positions due to economic pressures from clients. The restructuring, announced by CEO Amy Buckner Chowdhry, resulted in a number of employees being let go, though the exact number of affected individuals was not specified. The company, which operates in the technology and professional services industry, emphasized its continued commitment to its mission and clients, noting plans to develop new enterprise research products this year. The layoffs reflect broader challenges in the sector, as echoed by similar restructuring at other firms like IVP Research Labs.

Spotify laid off 15 employees on 2023-03-30.

Nigerian fintech startup OnePipe has laid off an undisclosed number of employees, described as a "handful," as part of measures to extend its runway. This follows the company securing a $4.8 million credit facility from TLG Capital in 2024, aimed at providing inventory finance to small shops in Nigeria's informal sector. The layoffs, coupled with pay cuts for the executive team, come despite the new funding and the company's mission to aggregate financial APIs for seamless partnerships. OnePipe, which employs around 50 people, continues to focus on scaling its services to support micro-enterprises.

CoverMyMeds laid off 800 employees on 2023-03-29.

Anyline representing approximately 25% of its workforce on 2023-03-29.

Mammography AI company iCAD laid off 23 employees, representing 28% of its workforce, in a restructuring announced in late March 2023. The Nashua, N.H.-based medtech firm, which specializes in breast cancer detection and risk evaluation tools, made the cuts to reduce operating expenses following a 17% decline in quarterly revenue and a net loss. The layoffs, primarily in the cancer detection unit, coincided with leadership changes, including the appointment of a new CEO, and a strategic shift to focus solely on its AI detection business while exploring alternatives for its radiation therapy subsidiary. The company cited challenging industry and macroeconomic conditions as reasons for the reset.

Online used-car marketplace Shift Technologies laid off approximately 30% of its workforce in the first quarter of 2023. The cuts followed its December 2022 merger with CarLotz, as the company sought to reduce costs, eliminate duplicate roles, and restructure its sales organization. This downsizing occurred amid a sharp revenue decline and expanding operating losses, prompting strategic moves to exit some East Coast markets and focus on core West Coast operations. The layoffs were part of a broader effort to rightsize the company's expenses after the challenging integration.

Drizly laid off 100 employees on 2023-03-29.

Seagate laid off 480 employees on 2023-03-29.

Electronic Arts laid off 780 employees representing approximately 6% of its workforce on 2023-03-29.

Blue Nile, the direct-to-consumer diamond retailer owned by Signet Jewelers, is laying off 119 employees in Seattle as it permanently closes its local fulfillment center. The layoffs, effective from July 14, 2023, are part of the post-acquisition integration process to centralize fulfillment services at Signet's existing center in New York City, eliminating duplicate operations. While the exact percentage of Blue Nile's workforce affected isn't specified, the company is offering outplacement support and relocation packages to some impacted employees. This restructuring occurs as Signet navigates a challenging retail environment, with recent quarterly sales declines, aiming to streamline operations and leverage economies of scale within the jewelry industry.

On March 28, 2023, lidar technology company AEye, Inc. announced a significant restructuring, reducing its workforce by approximately one-third. This layoff, effective April 3, 2023, is part of a revised strategic plan aimed at focusing the company on key products and critical customer engagements to improve long-term results. The decision, preluded in a March 15 earnings call, reflects broader challenges within the automotive and tech industries as companies streamline operations. Based in Dublin, California, AEye is a publicly traded firm on the Nasdaq, operating in the competitive lidar sensor industry for autonomous vehicles and advanced driver-assistance systems.

Lucid Motors, the U.S.-based luxury electric vehicle manufacturer, announced on March 28, 2023, that it is laying off 1,300 employees, representing 18% of its workforce, as part of a major restructuring effort. The layoffs, which will affect positions across the organization including executives, are set to be completed by the end of the second quarter. CEO Peter Rawlinson cited evolving business needs, productivity improvements, and cost-reduction initiatives as reasons for the move, which follows the company's lowered production targets and disappointing earnings. Lucid expects to incur $24 million to $30 million in related charges and aims to strengthen its long-term resilience while still planning to launch its Gravity SUV in 2024.

Rackspace laid off 275 employees on 2023-03-27.

Disney reportedly eliminates its metaverse division in the first round of layoffs, as part of restructuring efforts.

Better Therapeutics, a prescription digital therapeutics company focused on cardiometabolic diseases, laid off approximately 35% of its workforce in late March 2023 as part of a cost reduction initiative. The company, which had gone public via a SPAC in 2021, faced financial challenges with significant net losses and a declining stock price. The layoffs aim to extend the company's financial runway to reach key milestones, including potential FDA marketing authorization for its BT-001 product for Type 2 diabetes. This move reflects broader struggles within the digital therapeutics industry, where companies like Akili Interactive and Pear Therapeutics have also implemented workforce reductions or explored strategic alternatives amid profitability pressures.

The Meet Group, a Pennsylvania-based online dating and social networking company, is undergoing layoffs as part of a broader reorganization by its German parent company, ParshipMeet Group. While the exact number of affected employees has not been officially confirmed, the layoffs primarily impact the U.S. operations, particularly in the video department, with roles in legal and technical teams also affected. The parent company, which had a global workforce of about 700 at the end of last month, including 230 at The Meet Group, stated the restructuring aims to streamline operations and reduce redundancies. This reorganization also coincides with the departure of co-founder and co-CEO Geoff Cook and co-founder Catherine Connelly, marking a significant leadership change for the company following its $500 million acquisition in 2020.

Aspiration laid off 170 employees on 2023-03-24.

In March 2023, data protection company Veeam, owned by private equity firm Insight Partners, laid off 200 employees, representing approximately 3.8% of its workforce, which stood at over 5,000 post-layoffs. The company described the move as a strategic decision to drive efficiency and reallocate investments, particularly accelerating hiring in research and development. Despite being a profitable and fast-growing firm with over 450,000 customers, Veeam cited the need to prioritize its market approach. The layoffs occurred amid a competitive industry landscape, where Veeam had recently been recognized as a joint leader in the data protection market alongside Dell.

TakeOff laid off 50 employees on 2023-03-23.

Cimpress laid off 500 employees on 2023-03-23.

Slite, a company in the tech industry with a team of 40 employees, laid off 10 people this week, representing 25% of its workforce. The layoffs were a strategic decision to ensure the company's long-term stability in a challenging market. Slite is pivoting its focus toward AI-driven knowledge base solutions, including its upcoming AI assistant "Ask," and needed to streamline operations to successfully execute this new direction while maintaining a calm, focused team environment. The CEO expressed deep personal regard for the impacted employees, who worked in marketing, support, talent, product, and engineering, and actively recommended them for new opportunities.

Glovo, a Spanish on-demand delivery startup, laid off 250 employees, representing approximately 6.25% of its global workforce of around 4,000. The layoffs, announced in June 2022, were part of a restructuring effort to streamline operations and achieve profitability amid challenging market conditions in the tech and delivery industry. The company, operating at a global scale, cited the need to adapt its organizational structure to ensure long-term sustainability and focus on core markets.

Logitech laid off 300 employees on 2023-03-22.

Glassdoor laid off 140 employees representing approximately 15% of its workforce on 2023-03-22.

Rewind, a provider of cloud backup and data recovery solutions, has announced a team reduction to realign the company for long-term success amid changing macroeconomic conditions. While the exact number of employees laid off and the total workforce size were not disclosed, the decision was described as difficult but necessary to refocus on core strengths in the cybersecurity landscape. The company expressed deep gratitude to departing colleagues and is offering severance packages and job placement assistance. This restructuring aims to ensure Rewind continues to deliver superior data protection services to its customers.

Indeed laid off 2,200 employees representing approximately 15% of its workforce on 2023-03-22.

Roofstock, a proptech company valued at $1.9 billion, has laid off approximately 27% of its workforce in its second round of job cuts within five months. The layoffs, announced on March 22, 2023, affect an unspecified number of employees from a team that was previously reported to be over 400. CEO Gary Beasley cited the challenging macroeconomic environment and its negative impact on the business as the reason, stating the move was necessary to reduce cash burn and extend the company's capital runway. Roofstock, which operates an online marketplace for investing in single-family rental homes, had raised significant funding, including a $240 million round led by SoftBank Vision Fund 2.

In March 2023, cryptocurrency custody and settlement provider Copper announced layoffs affecting up to 15% of its workforce as part of a strategic streamlining amid a severe crypto bear market. The company, which employs approximately 300 people, could not specify an exact number of job cuts as the process was just beginning. This restructuring follows Copper's decision to shelve its enterprise software business, including ending its partnership with State Street, to concentrate resources on its core "off-exchange" ClearLoop settlement network. CEO Dmitry Tokarev cited the need to prioritize scalable revenue lines and capitalize on rising demand for collateral management solutions following the FTX collapse. The London-based firm, which serves institutional clients and is chaired by former UK Chancellor Philip Hammond, stated it remains in a stable financial position while seeking additional funding.

Wejo laid off 40 employees representing approximately 16% of its workforce on 2023-03-22.

Influencer-marketing platform Grin conducted a significant round of layoffs on Tuesday, March 21, 2023, impacting staff across marketing, engineering, and other teams, with the sales department reportedly taking a particularly brutal hit. This marks the company's second layoff in recent months, following a November round that cut 60 employees, about 13% of its staff at the time. Former employees described the latest cuts as "unfair and unexpected," noting they were abruptly logged out of company systems. While the exact number laid off this time was not officially disclosed, it was described as "significantly larger" than the previous round. The layoffs are attributed to the challenging state of Grin's business and the broader economic climate. The creator-economy startup, which has raised $145 million, provides software for brands to run influencer campaigns.

Expedia on 2023-03-21.

Workhuman, an Irish human resources technology firm, is laying off approximately 10% of its global workforce, affecting around 130 employees out of a total of 1,300. The company, which has major offices in Dublin and Boston, announced the cuts in March 2023 as part of a strategic realignment to balance growth with profitability amid a volatile economic climate. CEO Eric Mosley cited the need to invest in new strategic initiatives while exercising prudence. This marks the third major layoff announcement affecting Irish tech workers in a week, following similar moves by Meta and Amazon. Despite the reductions, Workhuman plans to continue hiring in key areas and offered affected employees a severance package including a minimum of three months' pay plus additional benefits.

Hamburg-based job networking platform Xing, part of the New Work SE group, is laying off 68 employees as part of a strategic realignment. The cuts affect 46 staff in Hamburg and 22 across other locations like Valencia and Porto, with the Zurich office being completely closed. This represents a significant shift for the company, which grew from a small startup to a 2,000-employee operation. The layoffs, announced in March 2023, span various roles from software development to marketing. Xing aims to refocus from a social networking model to becoming the top recruiting partner in German-speaking regions, prioritizing targeted job matching and career advice for its 21 million members.

Fintech startup Smallcase, backed by Sequoia and valued at $200 million, laid off 15 employees, representing 4% of its workforce, as part of a restructuring exercise over a three-month period ending around March 2023. The company described the move as a normal business adjustment, but sources indicate it followed the implementation of Performance Improvement Plans and came amid growing financial pressures. Smallcase reported a significant increase in losses, reaching Rs 76.2 crore in FY 2021-22, a 196% year-on-year rise, largely driven by a surge in marketing and promotional expenses. Founded in 2016, the platform enables retail investment in stock and ETF portfolios.

Mr Yum, a hospitality tech company, has laid off approximately 40 employees globally as part of a strategic restructuring aimed at achieving profitability with its existing cash reserves. This reduction, announced by co-founder Kim Teo, represents a significant cut to the workforce as the company seeks to control its financial destiny. The layoffs, which occurred recently, follow a previous round, indicating ongoing challenges in the competitive tech industry. The company, known for its QR code ordering platform, is navigating a difficult period by streamlining operations to ensure long-term sustainability.

Toronto-based accounting software firm FreshBooks has laid off approximately 80 employees, representing 10 percent of its 800-person workforce. This second round of cuts since December is part of a strategic shift away from pursuing an immediate IPO toward achieving profitability by 2025, driven by unpredictable capital markets. The layoffs, announced in early 2023, primarily affected marketing, data, and product teams, including the departure of its CMO. As a late-stage FinTech company serving small-to-medium businesses globally, FreshBooks is now focusing on internal cash flow to fund operations amid broader industry downturns.

Marvell laid off 320 employees representing approximately 4% of its workforce on 2023-03-21.

Buy-now-pay-later firm Laybuy, based in Auckland, has initiated a further restructuring, resulting in layoffs affecting 10% of its staff. The company, which is due to delist from the ASX this week following a troubled period in public markets, also warned that its long-stated goal of achieving profitability this financial year is now unlikely to be met. This move, announced on March 21, 2023, is part of broader efforts to navigate its financial challenges within the competitive fintech industry.

GAMURS Group on 2023-03-21.

Just Eat Takeaway, a major player in the global food delivery industry, is laying off approximately 1,700 delivery drivers and 170 operations staff in the UK. This significant reduction, announced in early 2023, is part of a broader reorganization to cut costs and improve efficiency amid a slowdown in demand. The company is shifting towards a model that relies more on self-employed gig workers. This decision follows a reported 10% drop in UK orders and a 9% decline in global orders for 2022, with the firm opting not to provide a sales forecast for the coming year, reflecting ongoing challenges in the competitive delivery sector.

Huuuge Games representing approximately 10% of its workforce on 2023-03-20.

Amazon is laying off an additional 9,000 employees in the coming weeks, as announced by CEO Andy Jassy in March 2023. This follows a previous round of 18,000 layoffs from November to January, bringing the total recent cuts to 27,000. The latest reductions will primarily impact the cloud computing (AWS), advertising, human resources, and Twitch units, with about 400 positions being eliminated at Twitch specifically. These layoffs, part of the largest workforce reduction in Amazon's history, aim to streamline costs amid economic uncertainty and slowing growth. The company, which had over 1.6 million employees globally at its peak, is focusing on operating leaner while continuing to invest in key long-term customer experiences.

Home renovation and interiors unicorn Livspace laid off over 100 employees, representing about 2% of its workforce, on March 17 as part of a cost-cutting exercise to extend its runway amid a challenging funding environment. The layoffs primarily impacted product, engineering, content, and marketing teams. While sources claimed affected employees were not offered severance, the company stated it provided an assistance package, extended medical insurance, and outplacement support. Livspace, which reported a significant loss in FY22, aims to achieve profitability in the coming year while focusing on efficient capital deployment.

Calgary-based software startup Symend has laid off 50 employees, representing 25 percent of its staff, as part of a restructuring last week. This follows a previous round in November that cut 13 percent of the team. Combined, these reductions total about 80 employees, bringing Symend's headcount down to 186 from 296 in mid-2022—a drop of over a third. The company, which provides behavioral engagement platforms for telecom and financial services, cites a shift toward lean operations and sustainability amid uncertain economic conditions. Despite raising $54 million in growth capital just four months prior, Symend is adopting a conservative spending approach, with cuts now affecting various departments beyond the earlier product and tech focus.

Candor Technology, a mortgage AI firm specializing in automated underwriting, has conducted layoffs as part of a strategic shift to adapt to the challenging mortgage market. While the exact number of affected employees is undisclosed, the company is estimated to have between 51 and 200 total staff, with 65 listed on LinkedIn. CEO Tom Showalter cited the need to optimize personnel levels amid industry headwinds, as lenders are cutting costs. The Georgia-based tech startup, which serves about 40 lenders and raised $12.5 million in 2021, aims to continue developing new products to provide value in a changing environment.

In March 2023, edtech company Course Hero, a former unicorn valued at $3.6 billion, laid off 42 employees, representing 15% of its workforce. This marked the company's first significant layoff in its 17-year history. The cuts occurred under new CEO John Peacock, who described the move as a strategic effort to position the business for future growth in a rapidly evolving sector. The layoffs followed a major restructuring months earlier, which saw co-founder Andrew Grauer step down as CEO and the creation of a parent company, Learneo. Course Hero provided several months of severance and transition support to affected staff and stated it did not anticipate further layoffs.

Leafly laid off 40 employees representing approximately 21% of its workforce on 2023-03-16.

Bonusly on 2023-03-16.

Freshworks, a Nasdaq-listed SaaS company with approximately 5,200 employees globally, conducted a new round of layoffs in March 2023, affecting staff in India and the US. While the exact number of impacted employees was not disclosed, the company described it as a "small number" and stated the move was aimed at improving organizational efficiency and eliminating duplicated efforts, not related to the Silicon Valley Bank collapse. This followed a previous layoff three months earlier, where about 90 employees (2% of the workforce) were cut due to performance issues and staffing redundancies amid macroeconomic pressures in the software industry.