Protocol Lab’s layoffs are a hot topic on Monday as the Filecoin (FIL-USD) creator reveals plans to cut jobs.
The Protocol Labs layoffs have the crypto company cutting its workforce by 21%, which is 89 jobs. This comes as the company deals with a crypto winter following the fallout and drama caused by the FTX crash late last year.
According to a blog post, the Protocol Labs’ layoffs affect employees across its PLGO teams. That includes those working at PL Corp, PL Member Services, Network Goods, PL Outercore, and PL Starfleet.
Juan Benet, CEO of Protocol Labs, said the following in a blog post:
“As you know, this has been an extremely challenging economic downturn, world-wide and especially in crypto. High inflation leading to high interest rates, low investment, and tougher markets have rocked companies and industries globally. The macro winter worsened crypto winter, making it more extreme and potentially longer than our industry expected.”
Protocol Labs Joins Layoffs Trend
While the crypto market has suffered, it’s far from the only one feeling the effects of the economy. We’ve seen quite a few layoffs in late 2022 and early 2023 as companies cut jobs. Tech companies are among those that have been hit especially hard by inflation and economic concerns.
Investors will want to keep reading for more of the latest layoffs news!
We’ve got all of the biggest layoff stories traders will want to keep in mind on Monday! Among that is the details from layoffs at Dell Technologies (NYSE:DELL), Autodesk (NASDAQ:ADSK), and Salesforce (NYSE:CRM). You can read up on that at the links below!
More Layoffs News
- Salesforce Layoffs 2023: What to Know as CRM Cuts Jobs
- Autodesk Layoffs 2023: What to Know About the Latest ADSK Job Cuts
- Dell Layoffs 2023: What to Know About the Latest DELL Job Cuts
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.