Layoff Events

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.

Runtastic, the Austrian fitness app subsidiary of Adidas, is laying off approximately 70 employees out of its 250-strong workforce in Austria, representing a 28% reduction. This restructuring, announced in March 2023, is part of broader changes within Adidas and is attributed to shifting market demands influenced by the COVID-19 pandemic. The company will also discontinue its "Adidas Training" app to focus resources on its core "Adidas Running" product, leading to fewer projects and teams. Affected staff were notified in mid-March, with management offering individual consultations to find solutions. The move reflects the ongoing integration of the acquired startup into Adidas's brand strategy, as the Runtastic name continues to be phased out.

Coherent, a manufacturer of high-tech lasers and optical equipment, is laying off 108 employees at its Finisar subsidiary in Fremont, California, as part of a restructuring effort. The job cuts, which are permanent and scheduled for May 15, 2023, are attributed to weakening business conditions and a decline in demand, prompting the company to reduce operational costs. This move reflects broader layoffs within the tech sector, where Bay Area companies have announced over 23,000 job eliminations since mid-2022. The affected employees were notified in March 2023.

In March 2023, the e-commerce marketing automation platform Klaviyo conducted companywide layoffs, letting go of 140 employees across all teams, including engineering and design. This reduction impacted roughly 10% of its workforce, as the Boston-based, venture-backed company sought to reduce redundancy and recalibrate its areas of investment for the future. The layoffs placed Klaviyo among the many tech companies that implemented workforce cuts in 2023, reflecting a period of strategic adjustment even as the business continued to serve over 100,000 users and had recently received a significant strategic investment from Shopify.

Retail tech startup Dukaan has laid off approximately 56 employees, representing about 30% of its workforce, in its second round of job cuts within six months. The layoffs, confirmed by founder Suumit Shah earlier this week, primarily affected inside sales teams and account managers. This restructuring is due to a strategic shift in the company's focus from serving small and medium businesses (SMBs) to helping direct-to-consumer (D2C) brands scale up. The Bengaluru-based, Lightspeed-backed startup, which raised $12.4 million in a pre-Series A round in 2021, offered a two-month salary severance package to impacted employees. This move reflects broader trends in the Indian startup ecosystem, where companies have laid off around 23,000 employees since 2022 amid a funding winter.

Hometap on 2023-03-15.

TradeWindow, an NZX-listed trade software company, announced a significant workforce reduction on March 15, 2023, as part of a cost-cutting program. The company is planning to lay off between 25% and 35% of its employees to reduce cash usage to a more sustainable level. This decision comes after a recent capital raise fell far short of expectations, reflecting a challenging funding market for early-stage technology companies in the software-as-a-service (SaaS) industry. The layoffs aim to help the firm navigate its financial difficulties and stabilize operations.

E-commerce firm Boxed is laying off 25% of its workforce as it seeks a buyer, a move announced in March 2023. The company, operating in the competitive online retail and wholesale industry, is reducing staff significantly amid strategic shifts to streamline operations and attract acquisition interest. While the exact number of employees affected wasn't specified, the percentage indicates a substantial cut as Boxed navigates challenges in the tech and e-commerce sector, reflecting broader market pressures.

Avidbots laid off 50 employees representing approximately 14% of its workforce on 2023-03-14.

Anchorage Digital laid off 75 employees representing approximately 20% of its workforce on 2023-03-14.

Kaleidoscope laid off 15 employees representing approximately 30% of its workforce on 2023-03-14.

Meta, the parent company of Facebook, announced a significant workforce reduction as part of its "Year of Efficiency" initiative. In March 2023, CEO Mark Zuckerberg informed employees that the company plans to lay off approximately 10,000 workers and eliminate 5,000 open roles. This restructuring, which will unfold through the spring and into late 2023, aims to flatten the organization, cancel low-priority projects, and improve financial performance in a challenging economic environment. The layoffs, impacting the tech and business groups, represent a major strategic shift for the social media and technology giant to streamline operations and focus on long-term goals.

Samsung laid off 30 employees on 2023-03-14.

Fetch laid off 100 employees representing approximately 10% of its workforce on 2023-03-14.

Microsoft laid off the team responsible for teaching employees how to make AI tools responsibly, as part of a restructuring effort.

GoTo Group laid off 600 employees on 2023-03-10.

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.