By Canadian Press

Hootsuite lays off 7% of staff to position its business for long term

Jan 18, 2023 | 1:23 PM

VANCOUVER — Social media technology company Hootsuite Inc. is laying off seven per cent of its staff in its third job cut in the last year.

The Vancouver company says the latest round of layoffs amounts to about 70 people and is meant to position the business for the long term.

The job cut comes after Hootsuite reduced its workforce by five per cent in November and 30 per cent in August.

This latest round of Hootsuite layoffs comes the same day as Microsoft cut 10,000 workers and days after Lightspeed Commerce Inc. and Clutch made cuts.

The sector’s layoffs are largely being attributed to fading investor exuberance, plummeting valuations and shifting consumer habits.

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Technology companies were among the best performers during the beginning of the COVID-19 pandemic but their fortunes have since turned as economic concerns have investors moving to established companies rather than growth stocks.

This report by The Canadian Press was first published Jan. 18, 2023.

Companies in this story: (TSX:LSPD)

The Canadian Press