Hootsuite Cuts 30% of Staff in Push for Financial Sustainability
Social media marketing company Hootsuite reduces its workforce by nearly a third as CEO Tom Keiser prioritizes efficiency and growth. The layoffs affect approximately 400 employees, though the company provides few details about severance or strategic changes.
Social media management company Hootsuite cuts nearly a third of its workforce as CEO Tom Keiser attempts to refocus the business on efficiency and financial sustainability. The company confirms the 30% reduction but refuses to disclose the exact number of affected employees or whether they receive severance packages. Based on a previous report of over 1,400 workers, the layoffs impact approximately 400 people.
The Vancouver-based firm provides no specific details about what exactly changes in its business strategy following this major staff reduction. These job cuts represent the latest move in a brutal wave of tech industry layoffs. The announcement comes just weeks after Hootsuite rolls out a rebrand for its logo and its familiar owl mascot, Owly.
Hootsuite raises over $300 million in capital from notable backers like Fidelity and Accel, but its valuation drops significantly over the years. After reaching a rumored $1 billion valuation in 2014, data indicates the company falls to about $750 million by 2019. That same year, Hootsuite lays off 10% of its staff amid reports that it fails to find a buyer for the business.