Singapore – Global social media marketing firm Hootsuite will lay off a third of its workforce, TechCrunch first reported. The lay-offs are part of an ongoing layoff trend from giant companies such as Snap.
According to a statement to TechCrunch by CEO Tom Keiser, the layoffs are meant to refocus their strategies to drive efficiency, growth and financial sustainability. However, there were no specific statements regarding the number of layoffs, nor do the laid-off employees have been reported to receive any severance.
However, a report from The Globe and Mail suggests that the Canada-based company–currently having 1,400 people on board–will be laying off around 400 employees.
Hootsuite recently launched a rebranding campaign with its newest mascot called Owly. It has also raised around US$300m, with investors including Fidelity and Accel.
This was not the first time Hootsuite had made some lay-offs, as in 2019 it laid off around 10% of its employees amidst reports that it had failed to sell itself.
