Layoff Events

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.

Chrono24 laid off 65 employees representing approximately 13% of its workforce on 2023-01-30.

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Quantum SI representing approximately 12% of its workforce on 2023-01-30.

In January 2023, UK-based electric vehicle manufacturer Arrival announced a major restructuring, cutting its workforce by 50% as part of its third such effort since July 2022. This reduction left the company with approximately 800 employees globally. The layoffs, led by newly appointed CEO Igor Torgov, aimed to slash operating costs by $30 million per quarter and preserve cash, as the company's reserves had dwindled from $500 million to $205 million by the end of 2022. Arrival, which went public via a SPAC in 2021, was shifting its focus to the U.S. market while grappling with the challenges of scaling its microfactory production model for commercial EVs.

Finnish cybersecurity unicorn Hoxhunt conducted employee negotiations (YT-neuvottelut) in early 2023, resulting in layoffs. The company, which provides security awareness training, was affected by a broader economic tightening that impacted many high-growth Finnish tech firms. Following a period of rapid fundraising, the funding environment became more challenging after Russia's invasion of Ukraine, forcing companies like Hoxhunt to extend their financial runways and adjust to slower growth. While the exact number of employees laid off and the total workforce were not specified in the article, the layoffs were part of a strategic shift to ensure sustainability in a changed market. The industry is cybersecurity, and Hoxhunt is considered a unicorn-scale company.

CoinTracker laid off 19 employees on 2023-01-28.

Me Poupe laid off 60 employees representing approximately 50% of its workforce on 2023-01-28.

Ruggable, a 13-year-old direct-to-consumer rug brand, laid off 100 employees on January 27th as part of an internal restructuring to navigate a challenging economic environment. This reduction affects its global corporate team and represents a significant portion of the workforce, as LinkedIn lists the company with over 440 employees, including part-timers. The layoffs align with a broader trend in the e-commerce and home goods industry, where companies like Stitch Fix and Wayfair are also cutting jobs. Factors such as high inflation, reduced consumer discretionary spending, and a decline in home sales have pressured the sector, which had previously boomed during the pandemic. Ruggable, known for its washable rugs and venture-backed growth, aims to strengthen its position amid these economic headwinds.

DealShare, a Tiger Global-backed e-commerce unicorn in India, laid off approximately 100 employees in January 2023, representing about 6% of its 1,500-strong workforce. This decision was driven by the need to rationalize expenses amid a challenging funding environment and macroeconomic headwinds. The company's annualized revenue rate had fallen by a third to around $600 million from a peak of $900 million, attributed to reduced consumer discretionary spending. As part of its strategy shift, DealShare is pivoting from a group buying model to a social commerce approach, focusing on existing geographies rather than expansion, and has significantly reduced its monthly cash burn.

Feedzai on 2023-01-27.

Nate on 2023-01-27.

SSENSE, a Montreal-based luxury fashion retail startup, laid off approximately 138 employees, representing about 7% of its workforce, in early 2023. The company cited the need for long-term sustainability amid broader economic pressures affecting the tech industry. This marked the first layoff in SSENSE's 20-year history, as it joined numerous other Canadian startups and global tech giants in reducing staff during a period of significant market volatility and downturn.

Decent, a health insurance startup focused on affordable coverage for small businesses, underwent significant layoffs in early 2023 after a major partnership collapsed unexpectedly. The company was forced to wind down most of its operations, retaining only a core team. While the exact number of employees affected wasn't specified, the move followed the abrupt withdrawal of a key partner that derailed their planned nationwide expansion. This setback left Decent without a marketable product in the near term, leading to the difficult decision to let go of staff across various departments, including Finance, Health, Operations, and Engineering, with the founders committed to providing notice and severance. The incident highlights the challenges faced by startups in the competitive insurance industry when critical business dependencies fail.

Synopsys, a semiconductor design software company, has announced layoffs affecting over 100 employees in the Bay Area, specifically at its Mountain View and Sunnyvale offices, with the cuts effective March 31, 2023. The majority of those impacted are tech engineers, designers, and software specialists. This move is part of a broader trend of workforce reductions across the tech industry, as companies adjust to shifting post-pandemic demand and economic conditions. While the exact percentage of Synopsys' total workforce affected isn't specified, the layoffs reflect the ongoing recalibration within the technology sector.

Soundwide, the parent company of music technology brands Native Instruments and iZotope, laid off approximately 8% of its workforce in late January 2023. This reduction, part of broader industry-wide cutbacks affecting tech and media, reflects ongoing restructuring within the company. Soundwide assured customers that product offerings would remain unchanged, though such layoffs often impact support and development. The company has faced significant leadership changes and reorganizations in recent years, culminating in its formation and acquisition of several audio software firms. Amid a challenging economic climate, these cuts align with trends seen at larger tech companies, highlighting the volatility in the music tech sector.

In January 2023, the online used car platform Heycar, part of the Volkswagen Group, underwent a restructuring, resulting in the layoff of 73 employees. The company, which operates in the competitive digital automotive marketplace, cited the cumulative impact of various crises over the preceding two years as the primary reason for these personnel cuts. New CEO Andreas Gruber confirmed the difficult decision, emphasizing the company's commitment to supporting affected staff while positioning Heycar for sustainable future growth. Founded in 2017, Heycar is a significant player in the European used car platform sector, with operations in Germany, the UK, Spain, and France, connecting thousands of dealer locations.

In January 2023, Singapore-based crypto services provider Matrixport, co-founded by billionaire Jihan Wu, announced a workforce reduction of 10% as part of its strategy to navigate the ongoing crypto winter. The layoffs, primarily affecting the marketing department, impacted over 29 employees from a total staff of more than 290. The company cited a strategic shift towards serving accredited investors due to significant regulatory changes following industry-wide turmoil, including the FTX collapse. While downsizing in some areas, Matrixport continued hiring in compliance, legal, and product development. The firm, which managed $10 billion in assets and traded $5 billion monthly, aimed to realign its teams with this new focus while supporting affected employees in finding alternative placements.

In February 2023, fintech company DriveWealth conducted layoffs as part of a broader industry trend affecting even well-funded firms. While the exact number of employees impacted was not specified in the article, the layoffs reflect the challenging macroeconomic environment that prompted cost-cutting measures across the sector, including at larger peers like PayPal. The move underscores the ongoing pressures within the fintech industry during this period.

German enterprise software giant SAP announced on Thursday, January 26, 2023, that it will cut up to 3,000 jobs, representing about 2.5% of its global workforce. This targeted restructuring aims to streamline the company's portfolio and concentrate investments in its strongest growth areas, such as its accelerating cloud business. The move, expected to yield significant cost savings, comes despite SAP reporting positive fourth-quarter results and meeting its annual guidance. The layoffs reflect a strategic shift to ensure double-digit profit growth in 2023, even as the company navigates a challenging macroeconomic environment.

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