Layoff Events

In November 2022, e-commerce giant Shopee, the digital arm of parent company Sea, conducted its third round of layoffs for the year, affecting employees in Singapore, including teams in human resources and learning and development. This move was part of the company's ongoing efforts to optimize operating efficiency and achieve self-sufficiency amid challenging macroeconomic conditions and Sea's broader struggle toward profitability. While the exact number of employees impacted in Singapore was not disclosed, the layoffs followed previous job cuts in June and September 2022 across various regions and teams, reflecting a period of significant restructuring for the large-scale tech firm.

Tricida representing approximately 57% of its workforce on 2022-11-14.

Real estate proptech startup Ribbon has laid off approximately 170 employees, representing about 85% of its remaining staff, in a major round of cuts on November 19, 2022. This drastic reduction leaves the company with fewer than 30 employees. The layoffs follow a previous cut of 40% of its workforce in July 2022, which had reduced headcount to around 200. Founded in 2017 and backed by investors like Goldman Sachs, Ribbon provides software and temporary financing for homebuyers making all-cash offers. The company cited the need for a "re-balance" amid a severe downturn in the housing market, driven by soaring interest rates and falling demand, which has battered the proptech and mortgage sectors. This event is part of a wider wave of layoffs across the tech and real estate industries in late 2022.

iFIT, the Logan, Utah-based fitness technology company, has conducted another round of layoffs, reducing its global workforce by 20%. This follows previous job cuts and is attributed to ongoing supply chain challenges and a decline in consumer demand as the pandemic-driven home fitness boom subsides. The company, known for interactive exercise equipment like NordicTrack treadmills, is restructuring to navigate a post-pandemic market adjustment.

Science 37 laid off 90 employees on 2022-11-14.

In November 2022, African web3 startup Nestcoin laid off an unspecified number of employees following the collapse of the FTX cryptocurrency exchange. The company, which had raised a $6.45 million pre-seed round, held a significant portion of its operational assets—cash and stablecoins—in FTX to manage day-to-day expenses. As FTX's downfall left Nestcoin's funds trapped, the financial strain forced the startup to reduce its workforce. This event highlights the broader contagion risk within the crypto industry, as numerous firms faced similar exposures during the FTX bankruptcy.

Illumina laid off 500 employees representing approximately 5% of its workforce on 2022-11-14.

Amazon reportedly plans to lay off 10,000 employees this week as part of cost-cutting measures.

Forto laid off 60 employees representing approximately 8% of its workforce on 2022-11-11.

Juniper, a B2B commerce company under International Market Centers (IMC), announced layoffs in 2022 as part of a downsizing and reorganization. While the exact number of employees affected was not specified, the restructuring was significant enough to prompt the CEO, Bill Furlong, to step down and transition to a Senior Advisor role. The layoffs impacted many talented individuals, reflecting the tumultuous business climate of that year. Despite the reduction in team size, IMC aims to remain a leader in connecting manufacturers and brands with retail stores.

Chipax, a Chilean startup in the fintech/accounting software industry, recently conducted a significant layoff, describing it as the most difficult decision the company has faced. While the exact number of employees let go was not specified in the announcement, the company stated it had to part with a lot of talent to maintain a healthy business for the remaining team and clients. To support those affected, Chipax publicly shared a list of departed employees to aid their job search. The layoff occurred a couple of weeks prior to the post, which was made about three years ago, indicating the event took place around 2021. The context points to a strategic restructuring to ensure the company's sustainability, a common challenge for startups like Chipax, which is part of the Y Combinator S21 batch.

Offerpad representing approximately 7% of its workforce on 2022-11-11.

Veev, a proptech startup specializing in technology-enabled homebuilding, laid off approximately 100 employees in November 2022, representing about 30% of its workforce. This reduction occurred just eight months after the company raised a $400 million Series D round, bringing its total funding to $600 million and achieving unicorn status. The layoffs were attributed to a strategic shift to focus on developing low-rise housing units, leading to cuts in the team working on high-rise solutions. Prior to the layoffs, Veev employed around 350 people globally, including 100 in Israel.

Juul Labs announced on Thursday that it is laying off approximately 400 employees, which represents about one-third of its global workforce. This significant restructuring is part of a broader effort to reduce operating costs by 30-40% and stave off bankruptcy, following years of severe financial strain from legal challenges and regulatory actions. The e-cigarette maker, operating in the tobacco industry, secured emergency financing from early investors to maintain operations and continue its appeal against the FDA's marketing denial order. The company has faced numerous lawsuits and a declining market position, particularly after the FDA moved to ban its products earlier in the year.

Based on the provided content, there is no information about a layoff event at SendCloud. The text appears to be a generic sign-up or login interface for LinkedIn, containing no news, article content, or details related to SendCloud's operations, workforce, or any restructuring. Therefore, a summary of a layoff cannot be generated from this material.

Coinbase laid off 60 employees on 2022-11-10.

In November 2022, voice AI company SoundHound laid off approximately 10% of its workforce, affecting around 45 employees out of a total of 450. The Santa Clara-based firm, which had gone public via SPAC earlier that year, cited challenging market conditions and the need to streamline operations and focus investments on growth areas. The layoffs were accompanied by salary cuts for some remaining staff. SoundHound, founded in 2005, provides its voice AI platform to major clients like Mercedes-Benz and Hyundai and operates in the competitive artificial intelligence and automotive technology industry.

Wistia, a video hosting and marketing platform, laid off 40 employees across sales, engineering, operations, and marketing. This decision, announced by co-founder Chris Savage, was driven by a challenging economic environment. While the exact percentage and total workforce weren't specified, the layoffs represent a significant reduction for the company, which operates in the SaaS and video technology industry. The announcement was made with the aim of helping the affected, highly talented team members find new opportunities.

GoTo Group laid off 1,300 employees representing approximately 12% of its workforce on 2022-11-10.

Reforge, a professional education company focused on product and growth, has laid off an unspecified number of employees across engineering, product, marketing, recruiting, operations, and content development. CEO Brian Balfour announced the difficult decision, attributing it to the challenging macroeconomic outlook. He expressed deep personal responsibility for the layoffs and emphasized efforts to support the impacted team members through the Reforge network. While the exact scale of the reduction and total employee count were not disclosed, the company stated it is well-positioned to continue its mission of helping professionals advance their careers during volatile times.

ZenBusiness on 2022-11-10.

Voly on 2022-11-10.

Ocavu, a Utah-based tech company partnering with BYU on NFTs, has laid off 200 employees, representing a significant reduction from its workforce. The CEO described the cuts as eliminating "underperformers" to balance staffing, while also mentioning the company is receiving "major buyout offers." This restructuring follows a period where the company was valued at $1.9 billion last year, indicating a strategic shift in the competitive NFT and blockchain industry.

Blend, a California-based fintech company in the mortgage software industry, laid off employees in late 2022 as part of a restructuring effort. The layoffs, affecting approximately 10% of its workforce, were a response to significant financial challenges. The company reported a third-quarter loss of $133.98 million, driven by a sharp decline in mortgage banking and title insurance revenue amid a 63% drop in overall mortgage market volume. Despite growth in its consumer banking segment, the difficult housing market conditions necessitated cost-cutting measures to streamline operations and focus on core platform growth and product diversification.

Avast representing approximately 25% of its workforce on 2022-11-10.

Wavely representing approximately 100% of its workforce on 2022-11-10.

Redfin, a major real estate technology company, announced significant layoffs on November 9, 2022, cutting 862 employees, which represents 13% of its total workforce. This decision is part of a broader strategic shift to wind down its home-flipping business, RedfinNow, as the company faces a prolonged housing market contraction expected to last into 2023. The move follows earlier job cuts in June and comes amid a sharp decline in homebuying demand, with the company's quarterly losses widening. CEO Glenn Kelman noted the housing market in 2023 is projected to be 30% smaller than in 2021, necessitating these reductions to align with the challenging economic outlook. This reflects broader struggles within the iBuyer industry, where tech-driven home-flipping models have faced profitability issues.

Faze Medicines representing approximately 100% of its workforce on 2022-11-09.

RingCentral representing approximately 10% of its workforce on 2022-11-09.

AvantStay, a Los Angeles-based next-generation hospitality platform, laid off 144 employees on November 9, 2022, representing 22% of its workforce. This marked the company's second round of layoffs in 2022, following 43 job cuts in July. Co-founders Sean Breuner and Reuben Doetsch attributed the difficult decision to over-hiring based on overly optimistic growth forecasts, noting they hired for four times growth but achieved three times, with over $200 million in bookable revenue. They cited operational inefficiencies and ballooning costs as key factors. The hospitality industry company provided severance, extended healthcare, career support, and other assistance to affected employees while focusing on controlled future growth.

Spotify on 2022-11-09.

On November 9, 2022, Sequoia and Tiger Global-backed insurtech startup Plum laid off 36 employees, representing about 10% of its 350-person workforce. The co-founders cited tough market conditions and a global economic slowdown that has made venture capital firms more cautious, forcing the company to align its investments with new market realities. Founded in 2019, Plum provides a technology platform for group health insurance to corporate clients. The company stated it would offer comprehensive support to affected employees, including severance, healthcare benefits, and career assistance, while maintaining its focus on insuring 10 million lives by 2025.

Root Insurance laid off 137 employees representing approximately 20% of its workforce on 2022-11-09.

CloudFactory representing approximately 12% of its workforce on 2022-11-09.

Meta, the parent company of Facebook and Instagram, announced a significant layoff of over 11,000 employees on Wednesday, representing 13% of its workforce. CEO Mark Zuckerberg described this as one of the most difficult changes in the company's history, attributing the decision to rising costs and a need for greater efficiency. The move follows investor concerns after Meta's lukewarm fourth-quarter guidance and a 19% year-over-year increase in expenses to $22.1 billion in the third quarter. As a major player in the tech industry, Meta is also extending its hiring freeze and cutting discretionary spending while continuing its heavy investment in the metaverse.

Coursera laid off an unspecified number of employees on November 9, 2022, as part of a workforce reduction impacting all organizations and regions to some extent. The online education platform, operating in the edtech industry, made this difficult decision to slow its rate of spending amid a deteriorating macroeconomic environment, lower growth rates, and environmental uncertainty. CEO Jeff Maggioncalda explained that while the long-term outlook remains promising, the company needed to sharpen its focus, prioritize investments, and optimize its structure and operations, marking a shift from the aggressive expansion experienced during the pandemic in 2020. Impacted employees were notified through one-on-one conversations, with support provided during the transition.

Amobee, a digital advertising technology company, laid off an unspecified number of employees in early 2023 as part of a restructuring effort. The layoffs were attributed to broader economic challenges and a strategic shift within the advertising technology industry. While exact figures regarding the number of employees affected and the total workforce were not publicly disclosed, the move reflects ongoing consolidation and adaptation in the tech sector, particularly among mid-sized adtech firms navigating market volatility.

Cameo laid off 80 employees on 2022-11-09.

Flyhomes laid off 300 employees representing approximately 40% of its workforce on 2022-11-09.

HighRadius, a US-based software unicorn, laid off 25 probationary employees in its Bengaluru office on November 9, 2022, as part of a broader restructuring effort in India. This follows a series of abrupt terminations that began in July 2022, with a source indicating the company aims to remove up to 1,200 employees by January 2023 ahead of appraisals. The layoffs, executed in what employees describe as an insensitive manner, have sparked significant backlash. Affected staff reported being immediately escorted out, forced to submit resignations online, and given minimal severance—one month's pay for probationers. The company, operating in the enterprise software industry, faces allegations of exploiting interns and conducting mass terminations to avoid larger severance costs.

Israeli startup Namogoo laid off 25 employees, representing 15% of its workforce, in November 2022. Following the cuts, the company's team totals around 140 people, primarily based in Israel with additional staff in London, Boston, and New York. CEO Chemi Katz stated the layoffs are part of a strategic refocus to target larger companies instead of smaller, more marketing-intensive clients, aiming to achieve profitability by mid-2023. The company, which provides a digital journey continuity platform to prevent customer distraction on websites, had raised $81 million in total funding, including a $15 million round six months prior to the layoffs.

In November 2022, mobile gaming company Kabam laid off approximately 35 employees, representing about 7% of its workforce, which totaled over 500 people. The Vancouver-based developer, known for titles like Marvel Contest of Champions and Disney Mirrorverse, stated the cuts were made to better align its resourcing structure with strategic priorities. This move occurred amid a broader economic slowdown affecting the tech industry, following Kabam's acquisition by Netmarble in 2016 and a subsequent merger of North American operations earlier that year.

NanoString representing approximately 10% of its workforce on 2022-11-08.

Repertoire Immune Medicines laid off 65 employees representing approximately 50% of its workforce on 2022-11-08.

Astra, a space launch and propulsion company, has laid off approximately 16% of its workforce due to the challenging economic climate. The decision, announced by CEO Chris Kemp, aims to prioritize near-term goals, such as developing reliable Astra Spacecraft Engines and achieving a successful first flight of Rocket 4, while extending the company's financial runway. The layoffs, which occurred this week, affect dedicated employees who are being offered transition benefits including salary continuation, severance, and outplacement services. Astra emphasizes the ongoing importance of its vertically integrated space services amid global economic and supply chain disruptions.

Based on the provided content, there is no information about a layoff event at a company named "Beat." The text appears to be a standard sign-up or login interface for LinkedIn, containing fields for email, password, and terms of service agreements. It does not mention any company news, employee reductions, financial data, or industry context. Therefore, a summary of a layoff event cannot be generated from this material.

SADA, a cloud consulting and technology services company, has laid off 11% of its workforce, a difficult first-time decision for the company as announced by CEO Tony Safoian. While the exact number of affected employees wasn't specified, the reduction impacts roles across customer success, engineering, sales, marketing, and project management. The layoffs, announced in a LinkedIn post, are attributed to a broader workforce reduction. The company is offering support to the departing team members and has asked its network to assist these talented individuals in finding new opportunities.

EverBridge laid off 200 employees on 2022-11-08.

Brazilian fintech unicorn Dock conducted a mass layoff on November 7, 2022, dismissing 190 employees—160 in Brazil and 30 in Mexico—which represented 12% of its workforce. The company, a payments infrastructure provider valued at over $1.5 billion, cited a failure to meet annual targets and a need to restructure following several acquisitions. The layoffs primarily affected support functions like marketing, HR, and legal operations, as part of a move to eliminate overlaps and increase efficiency. This decision reflects broader challenges in the startup sector, often referred to as the "startup winter," where many tech companies are facing reduced investment and conducting workforce reductions.

Code42 representing approximately 15% of its workforce on 2022-11-07.