Tech firms across Canada continue to face significant headwind.
In just the Vancouver area, stable tech firms Unbounce and Article saw major layoffs within the past week. Across the land, we’ve seen rapidly growing companies like Ottawa’s Shopify and Toronto’s Clearco abruptly reverse course.
Now it is Hootsuite’s turn. Despite scaling back hiring plans earlier this year, the recently rebranded social media staple is taking one of the biggest hits yet, shedding nearly one-third of their workforce, according to a report from Josh O’Kane for the Globe and Mail.
It was only last month that Hootsuite threw a big party with an all-new Owly to celebrate a bold new social-first vision.
30% is a very significant number, although this is not the company’s first rodeo. The richly storied Hootsuite was founded in 2008 and has faced its share of ups and downs in the past.
“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.”