Khoros, a leading provider of digital engagement solutions, has announced that it will be laying off approximately 5% of its global workforce, around 60 employees seem to have been impacted. The layoffs come as the company faces headwinds on both the revenue and expense sides. Macroeconomic conditions have continued to impact Khoros’s revenue, while recent increases in social channel costs are materially affecting its expenses.
The layoffs will impact employees across all levels and functions, and the company is providing severance packages and outplacement assistance to those who are affected. Khoros CEO Ben Goodman said that the layoffs were a difficult decision, but that they were necessary to ensure the company’s long-term health.
“This decision does not reflect on the performance or commitment to Khoros of those impacted and those potentially impacted,” Goodman said in an email to employees. “They have been instrumental in building the company we are today.”
Khoros is the latest in a line of tech companies that have announced layoffs in recent months. Other companies that have announced layoffs in recent months include Twitter, Meta, and Netflix.
The layoffs in the tech industry are being driven by a number of factors, including the economic slowdown, the war in Ukraine, and rising inflation. These factors are leading to a decrease in demand for tech products and services, which is forcing companies to cut costs.
The layoffs at Khoros are a sign of the challenges that the tech industry is facing. It remains to be seen how the industry will fare in the coming months.
In addition to the layoffs, Khoros is also making some changes to its business model. The company is shifting its focus to subscription-based services, and it is also planning to expand its international reach.
These changes are aimed at helping Khoros to become more sustainable in the long term. However, they will also mean some disruption for the company in the short term.
The layoffs are a difficult blow for Khoros, but they are a necessary step to ensure the company’s future. The company is committed to helping its employees who are affected by the layoffs, and it is confident that it will emerge from this period stronger than ever before.
