Discord layoffs are coming to the messaging service company after it grew too fast over the last few years.
That’s what Discord CEO Jason Citron said in a memo to employees announcing the layoffs. This will see 170 of its workers, which is 17% of its total headcount, lose their jobs at the company.
Discord experienced major growth throughout the Covid-19 pandemic and it’s feeling the effects of hiring to keep up with that today. This saw the company expand with new projects that left it unfocused and burning cash.
Here’s a portion of what CEO Citron said to Discord staff about the layoffs in his memo.
“Today, we are increasingly clear on the need to sharpen our focus and improve the way we work together to bring more agility to our organization. This is what largely drove the decision to reduce the size of our workforce.”
Discord Joins Layoffs Trend
Discord is joining a long list of companies that have been cutting jobs recently. That includes many other tech companies that also experienced major growth during the pandemic.
While pandemic growth was strong, these companies suffered after restrictions were lifted. That’s due to increasing inflation and rising interest rates. As a result, many are looking for ways to reduce operating costs and layoffs are the answer.
There are even more stock market stories that traders are going to want to know about below!
We have all of the hottest stock market news ready to go on Friday! A few examples include layoffs at Amazon (NASDAQ:AMZN) and Disney (NYSE:DIS), as well as other stock market happenings. You can read up on all of these matters at the following links!
More Stock Market News for Friday
- Amazon Layoffs 2024: What to Know About the Latest Audible Job Cuts
- LCID Stock Hits a Record Low as Lucid Recalls 2,000 EVs
- Disney Layoffs 2024: What to Know About Potential Pixar 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.
