Vancouver’s Thinkific announced today that they are reducing their workforce to better reflect the areas of focus and growth at the company. Co-Founder and CEO Greg Smith sent this letter to Thinkific employees.
“We have made the difficult decision to reduce our workforce. We have grown from 270 at the end of Q1 2021 to 499 today and have concluded, following a rigorous review of our organizational structure, that with a reduction of 100 in our workforce, we could increase efficiency and lower costs without impacting our growth trajectory,” said Mr. Greg Smith, Co-Founder and CEO of Thinkific.
“While it is the right decision for the business, it was not one we made lightly. Everyone at Thinkific has played a role in the success we’ve had to date, and we are immensely grateful for their contributions. We are deeply committed to taking care of the members of our team that are leaving. This is a difficult day for the Thinkific team, but we are resilient. I am confident in our future.
Efficiencies will be realized in general and administrative, customer support, a reduced management layer, as well as targeted reductions in research and development and sales and marketing.
“Our product-led growth strategy remains unchanged,” continued Mr. Smith. “As evidenced by the affirmation of our Q1 outlook, our business performance is on track. We are confident that the leaner team will support our fanatical focus on the success of our Creators. Initiatives like broadening and deepening our partnerships, delivering technologies and solutions such as Thinkific Payments and Thinkific Communities, will further support our Creators in the growing knowledge economy.”
Thinkific went public 11 months ago on the Toronto Stock Exchange under the ticker symbol TSX:THNC with shares rising as high as $19.47 in 2021, giving Thinkific a peak market capitalization of over $2 billion.
Thinkific currently trades at $2.98 per share.