Layoff Events

Japanese recipe-sharing platform Cookpad announced on April 10th that it will cut 80 positions through voluntary retirement and layoffs at its overseas subsidiary, which operates a multilingual recipe service. Additionally, 46 domestic employees will leave by the end of April due to the discontinuation of some local businesses. These workforce reductions, impacting a significant portion of its 409 consolidated employees, are part of a restructuring effort driven by continuous operating losses. The company has reported two consecutive fiscal years of net loss, attributed to a decline in paying members. Special retirement benefits related to these cuts will be booked as operating losses.

Shopee, a major e-commerce platform under Singapore-based Sea Group, conducted a new round of layoffs in September 2023, affecting employees across multiple regions and business units. While the exact number of layoffs was not officially disclosed, reports indicated it impacted several hundred staff. This move was part of the company's ongoing efforts to optimize operational efficiency and achieve cost savings amid a challenging global economic environment and increased market competition. The layoffs followed previous workforce reductions in 2022, reflecting the broader trend of adjustments within the tech and e-commerce industry.

Neoleukin Therapeutics representing approximately 70% of its workforce on 2023-03-09.

Morning Brew laid off 40 employees on 2023-03-09.

Xero laid off 800 employees representing approximately 15% of its workforce on 2023-03-09.

Bonusly, an employee recognition software company, has conducted a round of layoffs affecting multiple teams. While the exact number of employees impacted was not disclosed in the post, the cuts were significant across departments including People Operations, Marketing, Customer Success, Product & Design, Engineering, Sales, and Operations. The layoffs occurred in early 2023, as indicated by the social media post from a company employee. This move appears to be part of broader restructuring or cost-cutting efforts within the tech industry, which saw widespread layoffs during this period. The post primarily served to connect the affected professionals with new job opportunities in the community.

Toucan, a language learning technology startup, is winding down operations after over three and a half years. This decision by the board, made to deliver value to shareholders after exploring all alternatives, effectively results in the layoff of its entire team. The co-founders expressed deep appreciation for their users, team, and investors, noting the company's significant accomplishments. They are actively facilitating introductions for their talented employees to find new roles. The industry context is edtech, and while the exact team size isn't specified, the shutdown indicates a full workforce reduction as the company closes.

Gopuff laid off 100 employees representing approximately 2% of its workforce on 2023-03-09.

Wave Financial, a Toronto-based fintech software company acquired by H&R Block, laid off 50 employees on March 8, 2023. CEO Zahir Khoja stated the cuts were necessary to align the company's structure with its long-term strategy and growth, aiming to better serve small business owners. This move places Wave among other fintech firms like Lightspeed and Clearco that have also reduced staff this year. The company had previously undergone leadership changes, with Khoja taking over after co-founder Kirk Simpson stepped down following Wave's achievement of $100 million in annual revenue.

Wattpad, the Toronto-based online storytelling platform, has laid off 42 employees, representing 15% of its 267-person workforce. The company-wide cuts were announced by interim president KB Nam, who cited the "changing economic environment" as the primary reason, stating that the global economic shifts have impacted the business despite efforts to mitigate them. This decision follows a period of significant growth, including hiring nearly 100 employees over the past two years after its acquisition by Naver for $754 million CAD. Operating in the tech and digital media industry, Wattpad, which boasts a community of over 94 million users, is now recalibrating its team size to align with current business realities amid broader economic uncertainties affecting the tech sector.

Appcues representing approximately 15% of its workforce on 2023-03-08.

Pristyn Care laid off 300 employees representing approximately 15% of its workforce on 2023-03-07.

Zulily on 2023-03-07.

Take-Two Interactive on 2023-03-07.

Catch representing approximately 100% of its workforce on 2023-03-07.

In March 2023, RDX Works, a cryptocurrency infrastructure company, announced a workforce reduction of approximately 25%. This layoff affected around 25 employees from a team that had grown to over 100, primarily impacting business support functions like marketing, HR, and operations, while core technical teams remained intact. The decision was driven by ongoing market uncertainty and a prolonged "crypto winter," with the company aiming to conserve resources and prioritize the successful launch of the Radix Babylon mainnet upgrade scheduled for Q2 2023. Despite previous growth and achievements, including developer engagement and network expansion, the broader industry downturn necessitated these measures to ensure long-term resilience and focus on key technical deliverables.

Zwift, the virtual cycling and running platform, announced a restructuring on March 7, 2023, resulting in layoffs of about 80 employees, which represents 15% of its workforce. The decision, driven by new Co-CEO Kurt Beidler, who joined from Amazon in December 2022, shifts focus toward investing in product fundamentals over marketing and brand spending. The cuts primarily affect marketing and HR teams in the UK and US, with impacted employees receiving severance and bonus packages. This follows a previous round of layoffs in spring 2022, reflecting ongoing adjustments in the competitive sports technology industry.

UpGrad laid off 120 employees on 2023-03-06.

HomeLane, an online home interior and renovation platform, laid off approximately 30 to 40 employees in product and technology roles in early March 2023. This reduction affected a small percentage of its workforce, which is estimated to be between 1,000 and 5,000 employees. The layoffs were part of the company's strategic shift to achieve EBITDA profitability by June, leading to the shutdown of some ongoing initiatives. This decision occurred against the backdrop of a challenging funding environment and broader market uncertainties impacting the tech industry. The Bengaluru-based company, which operates in the home services and interior design sector, had reported a significant net loss of ₹153 crore in FY22 despite growing revenues.

SiriusXM, the satellite radio and audio streaming company, laid off 475 employees, representing 8% of its workforce, in March 2023. CEO Jennifer Witz announced the cuts as part of a wide-ranging restructuring, citing economic uncertainty and a need to operate with greater agility and efficiency to maintain sustainable profitability. The layoffs affected nearly every department and followed a period of expansion through acquisitions like Pandora and Stitcher. This move positioned SiriusXM among other media companies reducing headcount amid challenging economic conditions.

In March 2023, Nigerian retail-focused startup Alerzo laid off approximately 400 employees, as reported by multiple sources, though the company stated the figure affected 15% of its full-time staff (150-200 people) plus 150-200 part-time workers. This followed earlier layoffs of hundreds in August and September 2022. The company cited difficult macroeconomic conditions, post-election uncertainties, and a need to improve unit economics as reasons, also reducing its business footprint by closing 14 warehouses nationwide. Affected employees received termination emails in early March, with severance packages including one to two months' salary. The layoffs impacted various roles, including communications, reflecting broader restructuring beyond previous warehouse-focused cuts.

Atlassian, a leading business-software company based in Sydney, announced on Monday that it is laying off 500 employees, representing about 5% of its total workforce. The co-CEOs explained that the decision is driven by a strategic shift to rebalance roles and focus more on key priorities like IT service management and cloud migrations, rather than immediate financial pressures. The layoffs are not evenly distributed, with Talent Acquisition, Program Management, and Research & Insights among the most impacted teams. Affected employees will receive severance packages and keep their laptops, with their last day set for that Friday. This move aligns with broader tech industry trends, where companies like Alphabet and Microsoft have also recently cut jobs amid economic adjustments.

UKG laid off 265 employees on 2023-03-06.

Ankorstore, a French retail marketplace startup valued at $2 billion, is undergoing a significant reorganization that will lead to substantial job cuts. While exact numbers are not officially confirmed, sources indicate the layoffs could affect around half of the workforce, which is estimated to be about 600 employees. This follows a previous 20% staff reduction in October 2022. The company, backed by Tiger Global, Coatue, and Index Ventures, is making these cuts to reduce costs and manage burn rate amid a challenging macroeconomic environment in the tech industry. The layoffs, reported in early 2023, reflect a broader trend of downsizing among well-funded startups, including other Tiger Global portfolio companies like Stripe and Getir, as they adjust to post-pandemic market conditions.

No Fluff Jobs laid off 13 employees on 2023-03-04.

Lendi laid off 100 employees on 2023-03-03.

In March 2023, Brazilian proptech company Loft conducted its fourth round of layoffs in a year, dismissing 340 employees, which represented 15% of its then 2,200-person workforce. The company stated this move was to adjust costs and expenses in response to a challenging economic environment for tech firms, aiming to achieve operational break-even by year's end. This round primarily affected administrative teams and projects with longer maturation timelines. Over the preceding year, including natural attrition, Loft had reduced its headcount from approximately 3,100 to 1,800 employees. The layoffs were part of a broader trend of restructuring within the tech startup sector.

UserTesting laid off 63 employees on 2023-03-03.

Accolade on 2023-03-03.

Embark Trucks, an autonomous trucking company that went public in 2021, is laying off approximately 230 employees, representing 70% of its workforce, as announced on March 3, 2023. The remaining 30% of staff will focus on winding down operations, with the company shutting down its Southern California and Houston offices. CEO Alex Rodrigues stated that after exhausting all alternatives, they were unable to identify a viable path forward for the business. The board is now exploring strategic alternatives, including potential asset liquidation or dissolution, following an extended evaluation of markets and a failed attempt to sell the company. This move highlights the ongoing challenges in the self-driving truck industry.

Airbnb laid off 30 employees on 2023-03-03.

Indigo on 2023-03-03.

Orchard, a real estate technology company, has laid off a number of employees due to a slow housing market recovery characterized by persistently high interest rates and low inventory. The company announced the layoffs as a necessary cost-cutting measure to ensure long-term stability and its ability to serve customers. While the exact number of affected employees was not specified in the initial post, a subsequent comment from the company provided a link to an opt-in list for impacted professionals across customer service, real estate, and tech roles. The layoffs are part of broader austerity efforts to navigate ongoing industry uncertainty.

Ambev Tech laid off 50 employees on 2023-03-02.

Pune-based health tech startup Fittr has laid off approximately 11% of its workforce, amounting to around 30 employees according to the company, though sources indicate the number could be as high as 60 since last year. The layoffs, occurring over the past 6-8 months, affected marketing, sales, client servicing, and tech teams, and were attributed to role redundancy following a period of post-COVID hyper-growth and hiring. This restructuring comes as the company, which operates a community-driven fitness platform, slipped into a loss of INR 25.2 crore in FY22 despite a rise in revenue, prompting a realignment of roles with future growth plans.

CNET, the prominent technology media outlet owned by private equity-backed Red Ventures, conducted significant layoffs in early March 2023, cutting approximately a dozen employees. This represents about 10 percent of its public masthead. The restructuring occurred just weeks after controversy emerged over CNET's quiet use of AI to generate articles. Announced internally by Red Ventures, the layoffs are part of a strategic shift to streamline operations and refocus the site on content that can drive traffic from Google search. Concurrently, editor-in-chief Connie Guglielmo stepped down to assume a new role as senior vice president of AI content strategy, signaling a continued corporate emphasis on artificial intelligence within the digital media industry.

MasterClass laid off 79 employees on 2023-03-02.

Moving concierge startup Kandela, based in Beverly Hills, has filed for bankruptcy in March 2023, citing insolvency after losing a legal dispute with its parent company, Porch Group. The company, which had over 100 employees absorbed by Porch after its 2019 acquisition, now operates as a shell with no assets, employees, or business operations. The bankruptcy stems from a $1.4 million arbitration award favoring Porch, which Kandela cannot pay, leading to liabilities of nearly $1.8 million. The startup, focused on arranging home service installations, attributed its downfall to alleged fraud by Porch over $6 million in earnouts, culminating in its closure after failed appeals and settlement attempts.

Cybersecurity firm Zscaler has laid off approximately 177 employees, representing 3 percent of its workforce of about 5,900. The company disclosed the restructuring plan on Thursday, following a period of aggressive hiring that doubled its team size over the past 18 months. Amid a challenging economic environment, Zscaler initiated a targeted optimization to streamline operations, address inefficiencies, and better align resources with strategic priorities. The layoffs are part of a broader trend in the tech and cybersecurity industries, with the company, a leader in cloud-based security and zero trust network access, aiming to drive profitable growth.

Flipkart, a major Indian e-commerce company, has been conducting a stealth downsizing exercise, according to internal sources in early 2023. While the company officially denies layoffs, reports indicate an unusually large number of employees have been affected through workforce streamlining and performance improvement programs (PIPs) following annual appraisals. The process, described as a rationalization measure, involved sudden virtual meetings where employees were asked to resign without clear reasons provided. This move aligns with broader cost-cutting trends in the tech industry during that period.

Swiss online comparison portal Comparis is laying off at least 10% of its workforce, affecting its 175 employees, as it initiates a consultation process. Founder Richard Eisler cites a "failed growth strategy" and a prolonged, costly dispute with the Swiss Financial Market Supervisory Authority (Finma) as key reasons. The Finma enforcement procedure, initiated in July 2022, argues Comparis operates as an insurance intermediary and must register as such, potentially leading to the disgorgement of profits since 2015. This has forced the company to set aside millions in provisions, despite internal legal assessments deeming the risk low. The conflict, ongoing for nearly four years, has critically impacted the company's financial stability, leading to this significant restructuring in March 2023.

PayFit laid off 200 employees representing approximately 20% of its workforce on 2023-03-01.

Protego Trust Bank, a cryptocurrency custody firm awaiting final approval to become a nationally chartered trust bank, has laid off more than half of its workforce in early March 2023 due to financial difficulties. The company, which operates in the crypto and financial services industry, was unable to secure fresh funding amid the ongoing crypto bear market, forcing it to terminate most employees. While dozens remain involved and operations are ready to launch, capital constraints have stalled progress. Protego, which raised $70 million in a 2021 Series A round from investors like Coinbase Ventures and FTX, is a mid-sized firm with its charter application pending beyond the 18-month deadline, highlighting the challenges in the regulated crypto banking sector.

Color Health laid off 300 employees on 2023-03-01.

In March 2023, global software consultancy Thoughtworks laid off approximately 500 employees, representing about 4% of its global workforce of over 12,500. The company, headquartered in Chicago and operating across 18 countries, cited the need to support future business growth amid a broader economic slowdown affecting the tech industry. Despite reporting strong quarterly revenue growth and a return to profitability, Thoughtworks made the difficult decision to reduce staff, with notifications beginning in late February and continuing into early March. The layoffs were implemented globally but notably excluded its workforce in India.

Sonder laid off 100 employees representing approximately 14% of its workforce on 2023-03-01.

iFood laid off 355 employees representing approximately 6% of its workforce on 2023-03-01.

Waymo laid off 209 employees representing approximately 8% of its workforce on 2023-03-01.

Eventbrite laid off 80 employees representing approximately 8% of its workforce on 2023-02-28.

In December 2022, Ezoic, an advertising technology firm, was rocked by an internal fraud scheme when a sales employee, Tyler Mancuso, exploited the company's systems to reroute a $9 million payment from Google into his personal bank account. He attempted to use the stolen funds to purchase gold bars but was arrested by the FBI. The heist occurred during a period of ad market slump and widespread tech layoffs, leaving Ezoic with a significant financial shortfall at a critical time of year. While the article does not specify the total number of employees or the exact scale of the company, the incident highlights severe security vulnerabilities within the adtech industry, which handles billions in digital advertising dollars.