Hootsuite lays off 7% of staff to position its business for 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. 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.Vancouver's Hootsuite to lay off 30 per cent of staff, begin global restructuringOur in-depth journalism is possible thanks to the support of our subscribers. For just $3.

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