Social media marketing firm Hootsuite says it has cut its workforce by 30%.
“We need to refocus our strategies to drive efficiency, growth and financial sustainability,” CEO Tom Keizer said in a statement to MovieUpdates. The company did not provide details on what exactly is changing in the company. It has not disclosed the specific number of employees affected, nor whether they have been laid off.
However, a June report from the Globe and Mail estimated the Vancouver-based company’s workforce at more than 1,400, suggesting that about 400 people were affected by the job cuts — the latest in a brutal spate of tech layoffs.
Nearly a month ago, Hootsuite introduced a rebrand for its logo and owl mascot, Owly. (Not to be confused with the other technical owl, Duo).
The social media company has raised more than $300 million in capital to date, per PitchBook, and its backers include Fidelity and Accel, the Palo Alto-based VC.
It was rumored that Hootsuite was worth about $1 billion in 2014, but if Pitchbook data turns up anything, Hootsuite was worth about a quarter of a billion less than that figure in 2019. That year, the company laid off 10% of its staff amid reports. that it hadn’t sold itself.