VANCOUVER — Hootsuite Inc. says it will lay off 30% of its staff as part of a global restructuring.
The Vancouver-based social media business declined to answer questions about the exact number of staff laid off, but the most recent figures from financial data firm Refinitiv show the company employs about 1,000 people.
The company also did not say what triggered the job cuts, but tech companies as large as Shopify, Netflix and Clearco have conducted similar layoffs in recent weeks as investor interest in tech stocks has faded.
Hootsuite CEO Tom Keiser says the move will help the company once considered a darling in Canada’s tech scene to realign itself with strategies that can make it successful.
He says Hootsuite needs to refocus so it can drive efficiency, growth and financial sustainability.
In a statement, he said, “Today our focus is on our people, both those who are leaving us and those who are staying, and ensuring our customers continue to receive the support they need.”
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