Hootsuite Inc. says it will lay off 30 per cent of its staff as part of a global restructuring.
The Vancouver-based social media business did not say what triggered the job cuts, but tech companies as large as Shopify, Netflix and Clearco have conducted similar layoffs in recent weeks as investor interest in tech stocks has faded.
Hootsuite CEO Tom Keiser says the move will help the company once considered a darling in Canada’s tech scene to realign itself with strategies that can make it successful.
He says Hootsuite needs to refocus, so it can drive efficiency, growth and financial sustainability.
He declined to answer questions about the departments, exact number of staff and offices impacted.
However, he said, “Today our focus is on our people, both those who are leaving us and those who are staying, and ensuring our customers continue to receive the support they need.”
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