Layoff Events

On February 2, 2023, Miro, a collaborative online whiteboard platform, announced a layoff affecting 119 employees, representing 7% of its total full-time workforce. The decision was driven by the need to adjust to the macroeconomic environment and align the company's structure with its forward strategy. CEO Andrey Khusid explained that after a period of significant growth and hiring, Miro is moderating recruitment and reducing expenses to invest in future priorities. This resulted in structural changes, particularly impacting the recruiting and go-to-market teams. Despite the layoffs, Miro emphasized its profitable business model and commitment to supporting affected employees during the transition.

In February 2023, British cybersecurity firm NCC Group announced plans to reduce its global workforce by 7%, affecting over 125 employees. The company, which employs around 1,800 people and is listed as an FTSE Mid Cap firm, cited challenging market conditions and delays in revenue recognition, particularly in the UK and North America, as key reasons for the layoffs. The job cuts, largely focused in those regions, are part of an ongoing strategic review and are expected to incur a one-off implementation cost of £4 million. Despite reporting strong first-half earnings growth, the company adjusted its annual outlook to anticipate single-digit revenue growth.

Snowplow, a data analytics company, announced layoffs affecting an unspecified number of employees as part of its adaptation to a challenging global economic environment. The decision, shared by co-founder Alexander Dean, was described as a difficult but necessary step to secure the company's future. While the exact scale of the reduction in workforce was not disclosed, the company emphasized its commitment to supporting affected team members in finding new roles during a tough market for tech workers. Snowplow expressed confidence in its ongoing opportunities and appreciation for the trust of its team and stakeholders, maintaining focus on long-term success and customer value.

Peer-to-peer car-sharing company Getaround laid off 10% of its workforce, affecting approximately 42 employees, as part of a restructuring plan announced on February 2, 2023. With a total of 421 employees, the cuts targeted North American teams across all departments. The move aims to achieve sustainable profitability and long-term growth, responding to an uncertain macroeconomic outlook that has particularly impacted tech firms. This restructuring follows a delisting warning from the New York Stock Exchange due to low stock prices and is expected to save the company $25–30 million annually. Getaround, which went public via a SPAC merger in late 2022, operates in the transportation industry as a mid-sized company facing financial challenges, including a significant cash burn and declining revenue.

Mindstrong laid off 127 employees on 2023-02-02.

In February 2023, the Indian edtech giant Byju's conducted another significant round of layoffs, letting go of nearly 1,500 employees. This follows a previous round in October 2022 that affected about 2,500 staff. The layoffs primarily impacted the design, engineering, and production teams, with the company citing cost optimization and plans to outsource various functions, including operations and customer care. This move occurs amidst a broader funding crunch in the startup ecosystem and Byju's own substantial financial losses, as the unicorn seeks a path to profitability. The process was reportedly abrupt, with affected employees receiving in-person notices.

Canadian AI unicorn Ada, a customer service automation startup with approximately 480 employees, conducted its second round of layoffs on February 1, following an initial 16% reduction four months prior. While the company did not disclose the exact number affected this time, describing it only as "a portion" of its workforce, the cuts included senior leadership such as the chief technology officer. Ada cited the need to pivot and respond to an uncertain and challenging macroeconomic climate, aiming to better position the company for future success. This move reflects a broader trend in the tech industry, where multiple rounds of layoffs have become common as companies adjust from the boom periods of 2020 and 2021.

Match Group representing approximately 8% of its workforce on 2023-02-01.

Pinterest laid off 150 employees on 2023-02-01.

Frequency Therapeutics representing approximately 50% of its workforce on 2023-02-01.

Wheel laid off 56 employees representing approximately 28% of its workforce on 2023-02-01.

Picnic on 2023-02-01.

Omnipresent, a global employment platform, has undergone a company-wide reorganization, resulting in layoffs. While the exact number of employees affected and the percentage were not disclosed in the announcement, the company is actively assisting its departing team members by sharing an "OmniAlumni" list to connect them with new opportunities. The reorganization was announced by co-founders Guenther Eisinger and Matthew Wilson, reflecting a strategic shift within the HR tech industry. The company is known for its highly selective hiring process.

Rivian representing approximately 6% of its workforce on 2023-02-01.

MariaDB, the open-source database company, has laid off approximately 26 employees, which represents about 19% of its workforce. This restructuring, announced in early 2024, is part of a strategic shift to focus on its core SkySQL cloud database service and achieve profitability. The layoffs, affecting the broader technology and database software industry, follow a period of financial challenges for the publicly traded company as it adapts to competitive cloud market dynamics.

Chainalysis laid off 44 employees representing approximately 5% of its workforce on 2023-02-01.

Exterro laid off 24 employees representing approximately 3% of its workforce on 2023-02-01.

Appgate laid off 34 employees representing approximately 8% of its workforce on 2023-02-01.

Splunk laid off 325 employees representing approximately 4% of its workforce on 2023-02-01.

VerticalScope, a Toronto-based digital media company, laid off 60 employees, representing 22% of its workforce, in early February 2023. This downsizing was part of a broader trend of tech sector cutbacks, driven by economic uncertainty and a significant business downturn. The company, which operates over 1,200 enthusiast community websites, reported a sharp decline in fourth-quarter revenue, particularly in e-commerce and digital advertising, prompting a restructuring to prioritize key opportunities and adjust its cost structure.

Sports-betting giant DraftKings is laying off 140 employees, representing approximately 3.5% of its total workforce, as part of a broader reorganization aimed at improving operational efficiency. The company, which operates in the online gambling and sports betting industry, is shifting its investment focus from business-to-business initiatives toward mobile development. The job cuts, announced in early February 2023, primarily affect roles in the Europe, Middle East, and Africa segment, as well as engineering and talent acquisition teams in the U.S. and internationally. This move comes as DraftKings prepares to report its quarterly results and follows a recent marketing partnership announcement with Molson Coors.

Cyren laid off 121 employees on 2023-02-01.

In mid-January 2023, digital media company TheSkimm laid off nearly 10% of its workforce, affecting approximately 17 employees across writing, editing, production, and marketing roles. This reduction comes amid a challenging economic climate that has triggered widespread layoffs across the media industry, including at major outlets like The Washington Post and BuzzFeed. Founded in 2012 and based in New York, TheSkimm, which targets millennial women with its newsletters and expanded content, last conducted significant layoffs in 2020 during the pandemic. The company, backed by investors such as GV and Disney, continues to operate but is navigating the same advertising and economic pressures impacting the broader digital media sector.

Bustle Digital Group (BDG) is laying off approximately 40 employees, representing 8% of its total staff, as part of a broader restructuring announced on February 1, 2023. This decision coincides with the shutdown of the revived Gawker site, which BDG had operated for 18 months. CEO Bryan Goldberg stated the move was a business necessity to prioritize better-monetizing digital media properties within the company's portfolio. This marks the third round of layoffs at the digital media company in six months, significantly reducing its unionized workforce.

Rivian is laying off 6 percent of its employees, marking another round of job cuts at the company.

Workday, a cloud-based business planning software company, laid off approximately 525 employees, representing 3% of its workforce of over 17,500 as of late 2022. The cuts, announced in early 2023, primarily affected technology and product units. The co-CEOs cited a challenging global economic environment as the reason, while emphasizing the layoffs were not due to overhiring and that the company plans to continue hiring throughout fiscal 2024. Affected employees received severance packages including three months of base pay plus additional compensation based on tenure.

AU10TIX, an Israeli identity verification and management automation company, laid off 19 employees in January 2023, representing about 9% of its total workforce of 220. The layoffs primarily affected back-office staff as part of a company reassessment to meet its 2023 business goals. Concurrently, AU10TIX announced plans to recruit sales and customer management personnel to drive growth and maintain profitability. The company, which serves major clients like PayPal and Uber, operates in the cybersecurity and fintech sectors and was reportedly valued at over $1 billion in the previous year.

NetApp, a data storage and management company, announced layoffs affecting approximately 8% of its global workforce in late January 2023. This reduction translates to around 960 employees out of a total of about 12,000. CEO George Kurian attributed the decision to a challenging macroeconomic environment that has led to more conservative IT spending by customers, necessitating cost structure adjustments. The layoffs, part of a broader trend across the tech industry, are expected to be completed by the close of NetApp's fiscal 2023. Despite reporting increased revenue and profit in its previous fiscal year, the company is realigning to focus on areas with the best commercial returns. The storage industry, unlike some tech sectors, did not experience the same rapid pandemic growth and now faces a reckoning amid economic pressures.

In January 2023, Brazilian digital bank Nubank laid off 40 employees as part of a strategic restructuring, specifically closing its investment advisory service. This move followed earlier small-scale adjustments in December 2022. The layoffs occurred amidst criticism over losses in its Nu Reserva Imediata fund, which was marketed as a safe option but suffered due to holdings in troubled retailer Americanas. Despite these cuts, Nubank emphasized it had grown its workforce from 6,000 to 8,000 in 2022 and continued hiring in line with its 2023 business plans. The company stated the advisory service was discontinued after careful evaluation, as it served only a small portion of clients, who retained access to their investments through Nubank's apps and platforms.

Gokada, a Nigerian logistics and delivery startup, laid off at least 54 employees on January 31, 2023, as part of a cost-cutting measure to operate more efficiently amid a tough economic environment. The layoffs, which affected various operational teams but not the company's core of approximately 2,500 riders, followed earlier silent layoffs in November 2022. CEO Tosin Oni cited Nigeria's worsening economy and the need for greater efficiency. This restructuring occurred shortly after the company sought to raise $100,000 through crowdfunding, indicating financial struggles despite having raised significant venture capital in the past. The layoffs represent a significant reduction, though the exact percentage of the total workforce affected is not specified, with the company asking affected staff to submit resignations formally.

National Instruments representing approximately 4% of its workforce on 2023-01-31.

PayPal announced on Tuesday that it will lay off 2,000 employees, representing approximately 7% of its total workforce. The decision, attributed to a challenging macroeconomic environment, is part of the company's ongoing efforts to focus resources on core priorities and reduce costs. This move aligns with a broader trend of job cuts across the tech industry, as companies like Google, Microsoft, and Salesforce have also recently announced significant layoffs. Despite beating earnings and revenue expectations in its third quarter, PayPal faces pressures from inflation and reduced discretionary spending, prompting this restructuring to strengthen its financial position moving forward.

Wefox, a German insurance technology startup, is cutting significantly more than 100 jobs, as reported in late January 2023. This layoff affects the company's workforce of approximately 1,400 employees, representing a notable reduction. The insurtech firm, which has raised $1.33 billion in funding but has yet to turn a profit, is making these cuts in response to the challenging market environment and ongoing financial pressures. This move reflects broader trends in the tech and startup sectors, where even well-funded companies are streamlining operations to navigate economic headwinds and work toward profitability.

HubSpot laid off 500 employees representing approximately 7% of its workforce on 2023-01-31.

Upstart laid off 365 employees representing approximately 20% of its workforce on 2023-01-31.

Software AG laid off 200 employees representing approximately 4% of its workforce on 2023-01-31.

OpenText, a Canadian information management software company, announced workforce reductions following its $5.8 billion acquisition of Micro Focus, completed in late January 2023. The combined company, now with approximately 25,000 employees, expects to cut about 8 percent of its workforce, equating to roughly 2,000 layoffs. These cuts are part of a plan to achieve $400 million in cost synergies and streamline operations after the merger, which aims to create a global leader in software and cybersecurity. The layoffs reflect typical consolidation efforts in the tech industry post-acquisition, as OpenText integrates Micro Focus's products and talent to accelerate digital transformation for its clients.

Tilting Point, a mobile game publisher, has laid off over 60 employees, representing 14% of its global workforce of 440, as part of a restructuring effort and shift in strategy. The layoffs, confirmed in early January 2023, affected teams including those behind Star Trek Timelines, as well as roles in product management and the company's web3 division. The company cited the need to adapt to evolving market conditions and industry upheaval, emphasizing a focus on new opportunities while making difficult decisions to eliminate positions that no longer align with its future vision.

Wish laid off 150 employees representing approximately 17% of its workforce on 2023-01-31.

Brazilian e-commerce unicorn Olist conducted a second round of mass layoffs on January 30, 2023, citing a need to prepare for a difficult economic year and ensure long-term financial health. While the company, which employs over 1,000 people, did not disclose the exact number or percentage affected, the cuts impacted all areas, including strategic departments like post-sales and technology. The layoffs reflect a broader trend of cost-cutting in the tech startup industry, which is facing pressure from high interest rates and inflation, forcing companies to prioritize efficiency and profitability. Despite the layoffs, Olist's leadership reported strong revenue growth and stated the company has sufficient cash reserves without needing new investor funding this year.

Philips laid off 6,000 employees representing approximately 13% of its workforce on 2023-01-30.

Groupon is laying off approximately 500 employees, which represents about 15% of its global workforce. The online marketplace and local deals platform, operating in the e-commerce and technology industry, announced this significant workforce reduction in late January 2023. This move is part of a broader restructuring effort aimed at streamlining operations and reducing costs to improve profitability amid ongoing challenges in its core business model. The company, once a high-flying startup, continues to adjust its strategy in a competitive digital landscape.

OLX Group laid off 1,500 employees representing approximately 15% of its workforce on 2023-01-30.

Oyster, a global employment platform, recently underwent a company-wide reorganization that resulted in layoffs, though the exact number of affected employees was not specified. The company's CEO, Tony Jamous, announced the restructuring, noting that while 12 impacted employees were transitioned into new roles, many talented individuals were let go. The move was part of a strategic shift to reallocate resources, with Oyster adding new roles in key areas while eliminating others. The layoffs occurred in early 2023, reflecting broader adjustments in the HR tech industry. Oyster, which operates at a global scale, emphasized its commitment to supporting affected employees by waiving platform fees for companies that hire them and publicly sharing their profiles to aid in job searches.

Delivery Hero, a major global food delivery platform, announced layoffs affecting a portion of its workforce. While the exact number of employees impacted was not specified in the provided article, the move is part of a broader restructuring effort aimed at improving operational efficiency and streamlining costs. The decision reflects ongoing challenges and competitive pressures within the technology and delivery services industry. The layoffs were implemented as the company adjusts its strategy to ensure long-term sustainability in a dynamic market.

Impossible Foods copy laid off 140 employees representing approximately 20% of its workforce on 2023-01-30.

Intel has initiated a new round of layoffs, affecting an unspecified number of employees as part of its ongoing restructuring efforts to streamline operations and reduce costs. The exact scale and percentage of the workforce impacted have not been publicly detailed, but the move aligns with the company's broader strategy to enhance competitiveness in the semiconductor industry. This adjustment reflects the challenging market conditions and Intel's focus on optimizing its business structure for future growth.

In late January 2023, crypto services company Prime Trust laid off approximately one-third of its workforce as a cost-cutting measure. The layoffs, which occurred on a Tuesday, significantly impacted the communications and compliance departments. This move followed a period of public difficulties for the Las Vegas-based firm, including the suspension of its business operations in Texas after withdrawing a money transmitter license application and a prior regulatory fine. The company, which provides payment, custody, and regulatory infrastructure for other crypto businesses, was also undergoing leadership changes, having appointed an interim CEO in late 2022.

In January 2023, Barcelona-based food delivery company Glovo announced layoffs affecting 6% of its workforce, totaling 250 employees out of approximately 3,900. The company cited the macroeconomic downturn, including rising inflation and reduced consumer spending, as the primary reasons, alongside a need to address inefficiencies from its rapid 40% year-on-year growth. This decision followed shortly after Glovo faced significant fines from the Spanish government for alleged labor law violations and is under EU investigation for antitrust concerns, though the company stated the layoffs were unrelated to these penalties. As a scaleup in the European tech and food delivery industry, Glovo also plans to cut operational expenses and limit hiring to critical roles through mid-2023.

SoFi on 2023-01-30.