#QuickTakes By

GitLab To Lay Off 7% Of Staff

Scribbled Arrow

TRENDING GLOBALLY

-: FOLLOW US :-  @theinsaneapp

GitLab has announced a 7% reduction in its headcount due to the current economic climate.

-: FOLLOW US :-  @theinsaneapp

Many tech companies, including Microsoft, Alphabet, and Salesforce, have also announced staff cuts recently.

-: FOLLOW US :-  @theinsaneapp

The decision is a result of customers reducing their software spending.

-: FOLLOW US :-  @theinsaneapp

GitLab went public on the Nasdaq 16 months ago and its market cap has decreased.

-: FOLLOW US :-  @theinsaneapp

The round of layoffs will impact around 114 employees.

-: FOLLOW US :-  @theinsaneapp

The CEO, Sid Sijbrandij, had hoped to avoid layoffs but decided to match the company's spending with its commitment to responsible growth.

-: FOLLOW US :-  @theinsaneapp

The headcount as of last year was reported to be 1,630.

-: FOLLOW US :-  @theinsaneapp

Staff affected by the layoffs will receive pay through the transition period and a single payout equivalent to four months base salary.

-: FOLLOW US :-  @theinsaneapp

Staff will also receive healthcare for six months in locations where it is part of their package.

-: FOLLOW US :-  @theinsaneapp

The decision was made due to the current global economic downturn.

#GIVEAWAY BY INSANE

Do you know that we give away around $250 USd in cash prizes every week?

Let’s grow together!