Business

Canadian tech company Hootsuite laying off 30% of staff

Vancouver-based social media company Hootsuite Inc. is laying off 30 per cent of its staff, the latest company to announce layoffs during a recent surge of cutbacks in the tech sector.

Several technology companies have announced large layoffs recently

The exterior of Hootsuite's Vancouver headquarters is shown. The social media company laid off almost one third of its staff on Tuesday. (Ben Nelms/CBC)

Vancouver-based social media company Hootsuite Inc. is laying off 30 per cent of its staff, the latest company to announce layoffs during a current surge in cutbacks in the tech sector.

"It is indicative of a change to our business that realigns our strategies with the positions we need to be successful," CEO Tom Keiser said in a statement.

"We need to refocus our strategies to drive efficiency, growth and financial sustainability."

According to financial data firm Refinitiv, the company currently employs about 1,000 people.

The layoffs are the latest in a wave of pink slips in Canadian tech.

Earlier this summer, WealthSimple laid off 13 per cent of its staff, followed by Ottawa-based Shopify laying off 10 per cent a few weeks later.

Vancouver-based Unbounce laid off 20 per cent of its staff earlier this week, followed by e-commerce seller Article announcing it would also be reducing its head count by about one-sixth.

ABOUT THE AUTHOR

Pete Evans

Senior Business Writer

Pete Evans is the senior business writer for CBCNews.ca. Prior to coming to the CBC, his work has appeared in the Globe & Mail, the Financial Post, the Toronto Star, and Canadian Business Magazine. Twitter: @p_evans Email: pete.evans@cbc.ca

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