New Relic, a major Portland technology employer, announced on Tuesday that it would be laying off up to 255 employees, or about 10% of its workforce. The layoffs come as the company faces increasing competition and a changing market landscape.
In a note to employees, CEO Bill Staples said that the layoffs were necessary to “ensure that we are best positioned for long-term growth and success.” He added that the company would be providing severance packages and other assistance to affected employees.
The layoffs are the third round of job cuts at New Relic in as many years. In 2021, the company laid off 160 employees, and in 2022, it laid off another 110 employees.
New Relic’s software helps organizations monitor activity on their website and the performance of their online tools. The company is based in San Francisco, but it has a large office in downtown Portland.
The layoffs come at a time when the tech industry is facing a number of challenges, including rising inflation, a potential recession, and the war in Ukraine. As a result, many tech companies are cutting costs and laying off employees.
New Relic is not the only tech company that has announced layoffs in recent weeks. Other companies that have laid off employees include Meta, Twitter, and Netflix.
The layoffs at New Relic are a sign of the changing times in the tech industry. As the industry faces increasing competition and a changing market landscape, companies are being forced to make tough decisions about their workforce.