Layoffs in the technology and venture-backed macrocosms continued today, as 23andMe confirmed to CNBC that it laid off around 100 beings, or about 14% of its formerly 700 -person staff. The slasheds would be notable by themselves, but sacrificed how many other reductions have recently been announced, they indicate that a rolling round of belt-tightening amongst well-funded private companionships continues.( TechCrunch supported the numbers with the company .)
Mozilla, for example, chipped 70 staffers earlier this year. As TechCrunch’s Frederic Lardinois reported earlier in January, the company’s revenue-generating products were taking longer to reach market than expected. And with less income coming in than expected, its human footprint had to be reduced.
23andMe and Mozilla are not alone, however. Playful Studios cut staff simply this week, 2019 itself realized more than 300% more tech layoffs than in the preceding fiscal year and TechCrunch has reported a litany of layoffs at Vision Fund-backed fellowships over the past few months, including 😛 TAGEND
Staff gashes at Zume, the startup famous for considering obliging portable pizza robots Personnel reductions at Rappi, an e-commerce company Cuts at Getaround, a vehicle rental work Layoffs at Oyo, a budget hotel unicorn
Scooter unicorns Lime and Bird have also abbreviated personnel this year. The for-profit drive is fuelling on all cylinders in the wake of the failed WeWork IPO attempt. WeWork was an outlier in terms of how bad its financial results were, but the horror it introduced to the market seems jolly damn mainstream by this station.( Forsake hope, alle ye whoe require a Series H .)
The money at risk, let alone the human cost, is high. Zume has raised more than $ 400 million. 23 andMe has raised an even sharper $786.1 million. Rappi? How about $1.4 billion. And Oyo? $3.2 billion so far. Each company that loses fund eventually dies. And every company that ever impels coin lives forever. It seems that lots of companies want to prance over the barrier, utter some money and rebuild investor confidence in their shares.
It’s just too bad that the rank-and-file are taking the brunt of the correction.
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