The company is cutting 20% of its staff by the end of this month, the company disclosed in a filing late Wednesday. “This action was taken in response to current market conditions and after reducing other discretionary expenses, with a view toward driving long-term efficiency,” according to the filing. The company had previously said it is experiencing a “typical softness in jobs posting” in January, but sounded other alarms about a slowing in the labor market.
Layoffs across the tech sector have become widespread in recent months. Amazon, one of the nation’s largest private-sector employers, has announced two rounds of job cuts this year totaling 27,000 positions, and Facebook holding company Meta has announced 21,000 job cuts since last fall. Alphabet, Microsoft and Salesforce — and especially Twitter — have all announced large job cuts.
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