Similarweb – the online traffic analysis company has announced that it will be undergoing a round of layoffs letting go 10% of its global workforce, around 130 Employees.
The New York-headquartered company which announced its third-quarter earnings on Tuesday, Nov 15 had mentioned that there would be organizational changes over the rest of 2022.
Even though the company did beat both the earnings and revenue, the company seems to have been taking the layoffs route. At this point in the timeline of layoffs, companies are shredding the workforce even if they are in a better position to handle the economic downturn – which is surely not a good look for the companies going this route.
Piece from Company’s earnings
The Company also announced organizational changes today. “Over the course of 2022, while our business has continued to grow, we have also seen substantial economic shifts around the globe,” said Mr. Offer. “As a result of these shifts, we have made the very difficult decision to reduce our headcount in preparation for prolonged changes in demand. This is part of an ongoing plan to accelerate our path to cash flow profitability during 2023. We are balancing our resources to align with this strategy, and to enhance our flexibility.”
Third Quarter 2022 Financial Highlights
- Total revenue was $50.0 million, an increase of 41% compared to $35.6 million for the third quarter of 2021.
- GAAP operating loss was $(20.6) million or (41)% of revenue, compared to $(16.7) million or (47)% of revenue for the third quarter of 2021.
- GAAP net loss per share was $(0.28), compared to $(0.23) for the third quarter of 2021.
- Non-GAAP operating loss was $(13.3) million or (27)% of revenue, compared to $(13.9) million or (39)% of revenue for the third quarter of 2021.