Since 2022, the technology industry has been witnessing a concerning trend of widespread employee layoffs across various global companies. Despite the sector's reputation for rapid growth and innovation, many tech firms have been forced to implement cost-cutting measures, resulting in constant workforce reductions.
Now US-based software company Amplitude has recently implemented a workforce reduction, laying off 99 employees, which accounts for 13% of its total workforce.
"On behalf of myself and the co-founders, I want to share the most difficult decision we've had to make since starting Amplitude over ten years ago. Today, we are reducing the size of our global team by 13 per cent," Spenser Skates, CEO and Co-founder, wrote in a blog post.
He further added, "Unfortunately, we are not immune to the headwinds being faced by our customers or to the macroeconomic environment at large. After evaluating multiple options, it was clear we needed to take these steps to enable us to scale for the future, continue on our path to profitability, and ultimately deliver on our long-term vision.”
The company stated that out of the total 99 employees affected, the majority are from the GTM (Go-to-Market) organisation, with the remaining workforce reductions coming from product development, the CFO (Chief Financial Officer) organisation, and the people and places team.
Regarding the severance package, the company has announced that employees in the US will receive at least 16 weeks of salary, while international employees will remain on the payroll until June 15th, with their severance package aligned with regional best practices.
Amplitude, as per its website, is a software firm with a global presence, employing over 700 individuals across offices in the US, Europe, and Asia.