Layoff Events

Target announced on Monday, February 12, 2024, that it is laying off about 500 employees at distribution centers and regional offices as part of a restructuring effort to improve customer experience. The company is reducing store districts and reallocating resources to increase staffing and training in stores.

In February 2024, omnichannel meat brand Licious laid off 80 employees, representing about 3% of its 3,000-strong workforce, as part of an operational reset to sharpen its focus on growth and profitability. The Bengaluru-based unicorn startup, operating in the meat retail industry, stated it has over ₹800 crore in cash from previous fundraising rounds. Despite revenue growth from ₹682.5 crore in FY22 to ₹748 crore in FY23, losses widened, prompting a reprioritization of costs. The company, which aims for EBITDA profitability by FY25, offered the affected employees two months of compensation plus a variable payout for FY24, while planning renewed market expansion.

Grammarly is laying off 230 employees worldwide as part of a business restructuring to advance its focus on the AI-enabled workplace of the future. The layoffs affect most functions and geographies, and the company's financial position remains strong. This decision follows the company's growth from 200 to 1000 employees over the past five years and aims to realign skillsets and organizational design for AI-driven innovation.

Bengaluru-based fashion apparel startup BlissClub laid off approximately 21 employees, or 18% of its workforce, in the second week of January 2024 as part of a restructuring effort to cut costs. The layoffs, which primarily affected teams like sales, marketing, growth, and product—with the creative team being completely dissolved—were driven by the company's inability to secure fresh capital amid high cash burn. Founded in 2020, BlissClub last raised $15 million in a Series A round in May 2022 and has since expanded from an online activewear platform for women to include offline stores. Despite reporting record revenue in December 2023, the startup faced significant financial pressures, with its net loss surging over 305% to INR 35.7 crore in FY23.

Journera representing approximately 100% of its workforce on 2024-02-08.

Pure Storage, a Nasdaq-listed all-flash array supplier in the data storage industry, laid off up to 275 employees globally in early February 2024, representing about 4% of its workforce. This workforce rebalancing, affecting areas like data protection, AI, and alliances, aims to align employees with strategic business priorities amid competitive pressures. The move follows layoffs in the previous year and comes despite the company reporting strong Q3 2024 results with 13% revenue growth. However, a more downbeat Q4 outlook, influenced by a shift to subscription models and delayed shipments, alongside competitive challenges from rivals like Hammerspace in key markets such as AI and large language model training, contributed to the restructuring.

Car-sharing platform Getaround has laid off 30% of its North American workforce as part of a restructuring effort aimed at reducing costs, extending its cash runway, and accelerating its path to profitability. The company, which had 283 full-time employees at the end of 2022, did not disclose the exact number of current employees or those affected in this latest round, following a previous 10% reduction in February 2023. Announced on February 8, 2024, this move is expected to save about $7 million annually, despite up to $1 million in associated restructuring costs. While Getaround has reported revenue growth, including a 42% year-over-year increase in Q3, it remains unprofitable, with significant operating expenses and net losses. The company continues to operate in the competitive transportation and car-sharing industry, emphasizing its global marketplace and expansion into gig carsharing.

In February 2024, Norwegian solar energy company Otovo announced a significant restructuring and cost-cutting program executed in Q4 2023. As part of this effort to improve efficiency and reduce annual operating expenses by NOK 80-100 million, the company laid off 65 employees, representing approximately 15% of its workforce. The layoffs primarily targeted head office functions and middle management, streamlining the organization with an increased operational focus on its Madrid hub. This move was made amid market headwinds, despite the company reporting resilient annual revenues surpassing NOK 1 billion for the first time in 2023. The restructuring incurred NOK 10 million in one-off costs during the quarter.

Finnish HRtech startup Workfellow, founded in 2019, has ceased operations and laid off its entire workforce due to financial difficulties. The company, which had raised $3 million in a 2021 seed round led by OpenOcean, faced significant obstacles in fiscal year 2023 that ultimately led to its shutdown. The closure was announced on February 7, 2024, marking the end for the small-scale startup that specialized in providing technology solutions for human resources.

Grammarly laid off 230 employees on 2024-02-07.

Tenable representing approximately 5% of its workforce on 2024-02-07.

Blockchain unicorn Fireblocks is laying off 20 employees, representing 3% of its workforce, as part of a restructuring effort announced in February 2024. The company, which provides an enterprise platform for digital assets and was valued at $8 billion in 2022, stated the move aims to streamline its go-to-market and customer support operations for greater efficiency and to facilitate expansion into new regions. This marks the second round of layoffs, following a reduction of about 30 staff in February 2023. Despite the cuts, Fireblocks continues to hire, with approximately 100 open positions, half of which are in Israel, and has reassigned around 20 other employees to new roles within the company.

Amazon is laying off hundreds of employees at its healthcare units, One Medical and Amazon Pharmacy, as part of a broader cost-cutting initiative. The exact number is estimated between 115 and 400 roles. This move follows a company-wide mandate to reduce One Medical's fixed costs, aiming to save an additional $100 million this year after the unit reported a $420 million operating loss in 2022. The layoffs, announced in early February 2024, reflect Amazon's ongoing efforts to streamline operations and exert more control over its healthcare acquisitions, amidst a series of job cuts across other divisions like Twitch and Prime Video at the start of the year.

Glowforge on 2024-02-06.

DocuSign, a leading provider of electronic signature technology, announced a restructuring plan on Tuesday, resulting in layoffs for approximately 440 employees, which represents about 6% of its total workforce of 7,336. The company stated the move is aimed at improving financial and operational efficiency, with the majority of cuts affecting its sales and marketing departments. This decision follows stalled acquisition talks with private equity firms and comes as DocuSign anticipates meeting its fiscal targets. The restructuring is expected to be largely completed by the end of the company's second fiscal quarter of 2025.

Astarte Medical, a venture-backed healthcare technology startup focused on improving care for preterm infants, is shutting down after eight years. The company, which had raised $14 million and employed a small team, is laying off its remaining staff and selling its assets. This decision, confirmed in late December 2023, resulted from a challenging market environment where hospitals, facing slim margins, were slow to adopt new contracts, causing Astarte's revenue to fall short of investor expectations for further funding. Unable to secure the growth needed in the post-2022 downturn, the infant-tech startup ultimately chose to wind down operations.

In February 2024, Zwift, a global fitness and indoor cycling platform, announced a reduction in force, laying off an unspecified number of employees across all areas of the business. While the company did not disclose exact figures, it described the move as necessary to become leaner and focus on sustainable growth. Despite accelerated growth over the past year, Zwift stated that growth had not rebounded quickly enough to justify all ongoing investments. The company emphasized it remains a healthy business with a passionate community and is committed to its sponsorships, including the Tour de France Femmes. Concurrently, Kurt Biedler resigned as co-CEO, leaving Eric Min as the sole CEO.

Healthcare staffing startup Nomad Health conducted its third round of layoffs in less than a year last week, continuing a difficult period for the company. While the exact number of employees affected this time was not disclosed, the startup had previously cut 25% of its nonclinical staff in October 2023 and 17% of its overall workforce in February of that year. These reductions are a response to shrinking hospital budgets and a broader market downturn that has pressured the healthcare staffing sector. Nomad Health, which last raised $105 million in venture capital in June 2022, is among several peers in the industry that have been forced to downsize as funding has tightened and hospital customers face financial constraints.

Uber is laying off 168 employees in Boston this year as it prepares to shut down Drizly, the alcohol delivery service it acquired in 2021 for $1.1 billion. The layoffs, notified to the state last week, will begin in April and continue through August, following Drizly's announcement last month that it will slowly cease operations by the end of March. This move comes after Drizly, founded in 2012 and based in Boston, already laid off about 100 employees in March 2023 during its merger with Uber. The closure reflects Uber's strategy to consolidate its delivery services, redirecting Drizly customers to Uber Eats instead. The layoffs are part of the broader wind-down of Drizly, which saw a sales surge during the COVID-19 pandemic but is now being integrated into Uber's larger operations.

Snap, the parent company of Snapchat, announced layoffs on Monday, February 5, 2024, cutting approximately 500 employees, which represents about 10% of its global workforce. The social media company stated the restructuring aims to reduce hierarchy and promote in-person collaboration. This move is part of a broader trend of cost-cutting within the tech industry, following Snap's major 2022 layoffs. The company anticipates incurring related charges between $55 million and $75 million. Despite recent challenges in digital advertising, Snap had recently broken a streak of revenue declines.

Youth-focused neobanking startup Muvin has shut down its operations, resulting in layoffs for its entire team. The closure, confirmed around February 2024, was a direct consequence of a Reserve Bank of India (RBI) directive in June 2023 that prohibited UPI services in co-branding arrangements for entities without a Prepaid Payment Instrument (PPI) license. This regulatory change forced Muvin, which catered to teens and young adults with prepaid cards and an app, to discontinue its core services. The fintech startup, which had raised $3 million in a pre-Series A round in early 2022, found itself unable to operate its business model and reportedly faced challenges in securing further funding, leading to the complete wind-down of the company.

BillGO laid off 80 employees on 2024-02-05.

Meetup, the social networking platform for organizing group events, has undergone significant layoffs as part of a restructuring following its acquisition by Bending Spoons. The company's new parent company, based in Europe, decided to move operations overseas, leading to a reduction in the US-based team. While the exact number of employees affected wasn't specified, the layoff impacted a substantial portion of the staff. This decision, communicated in early 2023, was driven by the need to integrate Meetup fully into Bending Spoons and eliminate overlapping roles. Despite the cuts, Bending Spoons plans to invest $50 million into product improvements and growth, aiming to enhance event discoverability and organizer tools for the community.

Small Robot Company representing approximately 100% of its workforce on 2024-02-02.

Toronto-based EdTech company Top Hat laid off 35 employees on January 30, 2024, as part of a strategic push to become a "self-sustaining business" in its upcoming fiscal year. This represents approximately 7% of its workforce, which currently stands at 498 employees. The layoffs, based on business priorities rather than individual performance, mark the second round of downsizing for the online education firm in the past year, following a cut of 42 employees in August 2023. This move occurs amid a broader trend of Canadian tech layoffs in early 2024, as companies like Loopio and Wattpad also reduced staff to refocus on profitability in uncertain economic conditions.

Cue Health, a San Diego-based biotechnology company that experienced rapid growth during the pandemic by producing COVID-19 test kits, is laying off approximately 245 employees, representing about one-third of its global workforce. This latest round of cuts, reported in February 2024, follows several previous layoffs totaling 884 workers since June 2022, primarily affecting its San Diego operations. The company, which expanded from 99 employees in early 2020 to over 1,500 by the end of 2022, is reducing staff due to a sharp decline in demand and funding for COVID-19 testing. Cue Health aims to cut costs and improve operational efficiency as it shifts focus to expanding its test menu on its health monitoring system, with the layoffs expected to incur $5 million to $7 million in one-time expenses.

Twig representing approximately 100% of its workforce on 2024-02-02.

Swedish electric motorcycle startup Cake filed for bankruptcy on February 1, 2024, after a critical investor withdrew from a funding round, leaving the company unable to meet its financial obligations, including employee salaries. The boutique manufacturer, known for its high-design e-motorcycles and mopeds, had previously raised $74 million in venture capital. This bankruptcy reflects broader struggles within the e-mobility industry, following similar failures and consolidations among peers. The company's future remains uncertain as it seeks a potential buyer or restructuring solution.

Zoom, the video-conferencing company that surged during the pandemic, is laying off approximately 150 employees, which represents less than 2% of its total workforce. This move, confirmed in early 2024, is part of the company's regular evaluation to align teams with its strategic goals, rescoping roles to add capabilities while continuing to hire in critical areas like artificial intelligence, sales, and product development. The layoffs are not companywide and follow a broader trend of tech industry cuts aimed at efficiency, with over 100 companies reducing about 30,000 jobs to start the year. This comes after Zoom's larger reduction of around 1,300 jobs (15% of its workforce) in February 2023, driven by economic uncertainty as the company adjusts to post-pandemic shifts in remote work demand.

Identity management company Okta announced on Thursday that it is laying off 400 employees, representing approximately 7% of its workforce. CEO Todd McKinnon stated the decision was a difficult but necessary proactive measure to address high costs and achieve long-term profitable growth, emphasizing the need to run the business with greater efficiency and invest more thoughtfully. This marks the second round of layoffs in roughly a year for the tech firm, following a smaller reduction in February 2023. The announcement comes amid a wave of job cuts in the technology industry in early 2024.

Polygon Labs laid off 60 employees, about 19% of its staff, as announced by CEO Marc Boiron on Thursday. The layoffs aim to create a more efficient team with less bureaucracy, following growth during the crypto bull market. Affected employees will receive two months severance and health benefits, while remaining staff get a 15% compensation increase.

Indigo on 2024-02-01.

Polygon Labs, a major player in the blockchain and web3 industry, laid off 60 employees on February 1, 2024, representing approximately 19% of its workforce. The company's CEO cited the need to create a more efficient, agile, and focused organization as the primary reason, stating that rapid growth during the previous bull market had diluted these qualities. The decision was framed as a strategic "right-sizing" to enhance performance and execution speed, rather than being driven by financial difficulties. Affected employees were offered severance packages.

Illumina, a leading San Diego-based biotech company specializing in DNA-sequencing technology, is laying off 111 employees at its headquarters, effective March 12, 2024. This latest workforce reduction, announced in January, follows a challenging period marked by regulatory battles and shareholder activism. The company, which had approximately 10,200 global employees as of early 2023, is restructuring after losing a federal antitrust case, forcing it to divest Grail, a $7 billion cancer-testing startup it acquired in 2021. These layoffs, which include vice presidents, scientists, and engineers, are part of broader cost-cutting efforts to save $100 million, following several rounds of job cuts in 2023 that eliminated 230 positions in San Diego alone.

Thinx, the period underwear brand, is laying off 95 employees in New York City effective May 1, as part of organizational changes following its integration into majority owner Kimberly-Clark's global portfolio. The layoffs, cited as due to a merger and plant layoff in a WARN notice filed in late January, represent a restructuring effort as the direct-to-consumer brand, founded in 2013, continues to expand its retail presence in stores like Walmart and Target. The move underscores the ongoing evolution of the brand within the broader consumer goods industry under its corporate parent.

The Messenger, a digital news startup launched in May 2023, abruptly shut down on January 31, 2024, resulting in the layoff of its entire staff. The company, which employed approximately 300 people, was forced to close after failing to secure sufficient funding to reach profitability. Founder Jimmy Finkelstein announced the immediate closure in an email to employees, citing an inability to raise the necessary capital despite exhaustive efforts. The shutdown left staff without severance, with their final paychecks issued on the day of closure. The Messenger, which had aimed to provide non-partisan news coverage, ceased operations less than a year after its high-profile launch, highlighting the financial challenges facing media startups.

Trove Recommerce laid off 130 employees on 2024-01-31.

Cybersecurity firm Proofpoint is laying off 280 employees, representing about 6% of its global workforce of 4,500. The cuts, announced in late January 2024, include approximately 20 positions at its Israeli office, which employs around 300 people. The company, acquired by private equity firm Thoma Bravo in 2021, stated the layoffs are part of a strategic restructuring to align investments with priorities, streamline management, and leverage a global talent pool for long-term success. This move follows a series of acquisitions by Proofpoint in Israel, including Illusive in 2022.

LiDAR technology developer Innoviz is laying off approximately 60 employees, representing 13% of its 468-person workforce, as announced on January 31, 2024. The automotive tech company, headquartered in Israel with operations in Europe and the U.S., is implementing these cuts to reduce annual cash outlays by $22-24 million and extend its financial runway. This restructuring aims to optimize costs and focus investments on its newer InnovizTwo sensor and software suite, as the company navigates a critical market capture phase in the competitive LiDAR industry.

Zuora representing approximately 8% of its workforce on 2024-01-31.

In January 2024, the storytelling platform Wattpad, owned by Naver's Webtoon Entertainment, laid off approximately 20 employees, representing about 10% of its then 200-person workforce. This reduction was part of a company reorganization aimed at cutting costs. The move supports its parent company's broader financial restructuring efforts as it prepares for a potential U.S. IPO as early as 2025. This marks the second round of layoffs for Wattpad, following a 15% staff cut in March 2023. The Toronto-based company operates in the media and entertainment industry and has been introducing new monetization features like Wattpad Originals to adapt its business model.

Technology publisher TechCrunch laid off approximately eight employees on Monday as part of a restructuring effort to refocus its coverage on Silicon Valley's investors, founders, and startups. The layoffs, representing a small portion of its total workforce, coincided with the decision to wind down its five-year-old paid subscription product, TC+. Editor-in-Chief Connie Loizos stated that operating two business models had diluted focus, leading to the strategic shift to strengthen its core news offering. This move highlights the ongoing challenges in the media industry as publishers streamline operations to prioritize sustainable coverage areas.

Vipps on 2024-01-30.

PayPal laid off 2,500 employees representing approximately 9% of its workforce on 2024-01-30.

Aurora Solar, a software startup in the solar industry, laid off 20% of its workforce, affecting about 100 employees out of a total of approximately 500, on January 30, 2024. This decision came after the company reportedly missed its growth targets over the past year, attributed to broader macroeconomic challenges such as higher interest rates and regulatory changes like California's NEM 3.0, which reduced incentives for solar power. The layoffs follow a smaller round in November, reflecting ongoing adjustments in the face of shifting market dynamics and demand.

Health tech startup Noom conducted another round of layoffs on January 30, 2024, affecting employees including coaches and engineers. This follows a series of workforce reductions in recent years as the company, which operates a popular weight loss app, continues to restructure and streamline its operations. While the exact number of employees impacted in this latest round was not disclosed, the cuts are part of a broader trend of the company leaning more into operational efficiency. Noom operates in the competitive digital health and wellness industry.

Block, the fintech company led by CEO Jack Dorsey, laid off approximately 1,000 employees on January 30, 2024, as part of a broader effort to streamline operations. This reduction represents about 10% of its workforce, which the company aims to cap at around 12,000 employees, down from 13,000 late last year. Dorsey cited that the company's headcount had grown faster than its business, necessitating these cuts to achieve a leaner structure. The layoffs primarily affected teams at Cash App, Foundational, and Square, marking Block's second round of job cuts in recent months, following a smaller reduction at Tidal in December. This move aligns with a wider trend of workforce adjustments across the tech industry.

DispatchHealth laid off 88 employees on 2024-01-29.

iRobot, the maker of Roomba robot vacuums, is laying off approximately 350 employees, representing 31% of its workforce, following the collapse of its planned $1.7 billion acquisition by Amazon. The companies mutually terminated the deal in late January 2024 after determining there was no path to regulatory approval, particularly from the European Commission, which expressed antitrust concerns. In response to the failed deal and to stabilize its finances, iRobot also announced the immediate departure of its founder and CEO, Colin Angle, and will implement cost-cutting measures, including reducing R&D spending and pausing work on non-floorcare products like air purifiers and robotic lawn mowers. The layoffs and strategic shift mark a significant restructuring for the consumer robotics company.

Loopio, a software company specializing in response management solutions, has laid off 6% of its workforce. This difficult decision, announced by CEO Zak Hemraj, reflects broader challenges and changes within the software industry over the past 12-18 months. The layoffs are intended to allow the company to carefully manage resources and reinvest in product innovation and new capabilities. Loopio remains committed to its customers and market leadership. The company has encouraged job opportunities to be shared via a dedicated alumni email to support the affected employees.