Chicago-based, Groupon has announced a layoff today affecting 500+ Employees ~ around 5% of its overall workforce.
This news comes to light just hours before the company has to release its second quarter 2022 financial results after the close of the trading for the day on Monday, Aug 8.
Multiple teams across the company have been impacted by these layoffs – Engineering, Product, Sales , Recruitment & Marketing.
The company had survived the pandemic and is now taking a hard hit in turn laying off several hundreds of employees as a result of the financial and economic downturn.
The company’s 2021 revenue was $1.0 billion, down 32% compared with $1.4 billion in 2020. The company did not fairly see a boost in consumer spending even after the pandemic.