Airtable turns into newest firm to announce layoffs, slicing 20% of its workforce
In an e mail despatched to staff, the low-code platform’s CEO stated the cuts have been a results of “taking a hard look at our efforts in the current market environment.”
Low-code platform Airtable has introduced it might be shedding 254 staff throughout enterprise growth, engineering and different groups, round 20% of its workforce.
In an inner e mail first seen by the layoff tracker Layoffs.fyi (which is constructed on Airtable), Airtable founder and CEO Howie Liu stated the corporate can be evolving from a “bottoms-up adopted product” to “bringing connected apps to large enterprises.”
“We’ve rapidly expanded and executed on multiple fronts. At the time, I believed we could successfully pursue all of them in parallel,” Liu wrote within the e mail to staff. “However, in taking a hard look at our efforts in the current market environment, we’ve identified the teams best positioned to capture the opportunity in enterprise in order to bring complete focus, alignment and accountability in our execution.”
Alongside the cuts to particular person groups, Airtable’s chief income officer, chief folks officer and chief product officer will even be leaving the corporate. TechCrunch reported that the impacted staff will get no less than 16 weeks of severance pay, accelerated fairness vesting and assist from an immigration counsel, if on a visa.
Airtable, which supplies software program that enables companies to place collectively databases and spreadsheets on the cloud with out utilizing code, had a $735 million funding spherical in December final yr at $11-billion valuation, bringing the corporate’s whole funding to $1.4 billion.
The announcement comes on the tail finish of a yr that has been blighted by job cuts all throughout the expertise sector. Twitter’s new CEO Elon Musk laid of round half the social networking platform’s employees after taking possession in November, whereas Meta introduced it might be slicing 11,000 jobs. Amazon then again plans to quietly layoff 20,000 staff. Since September 2022, HP, Cisco, Stripe, and Microsoft have all introduced they’d be shedding no less than 1,000 staff every.