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DigitalOcean To Layoff 11 Percent Of Staff

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DigitalOcean has laid off approximately 200 employees, or 11% of its workforce.

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The layoffs were conducted in a bid to avoid further staff reductions in the near future.

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Around 100 employees were let go immediately, and another 100 are likely to be let go in the near future.

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Half of DigitalOcean's staff are based outside the US, and the company generates around 70% of its revenue from overseas.

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The company plans to prioritize global hiring in locations such as Pakistan and Mexico where relevant talent is available at lower wages.

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DigitalOcean conducted a management reorganization with the aim of simplifying its footprint and reducing reporting layers.

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The company's CMO, Carly Brantz, is set to leave on April 1, 2023, after three years with the company.

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DigitalOcean reported $152.1 million in revenue in Q3 2022, with gross profit of $97.6 million.

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Research suggests that job cuts do not necessarily improve a company's financial performance.

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DigitalOcean is among a growing number of tech companies, including Wix and Sprinklr, that have conducted layoffs recently.

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