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SmartNews is a Tokyo-based news aggregation app and website estimated at $2 billion in 2021.
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Today, the company announced a reduction of 40% in the U.S. and China workforce which is around 120 employees.
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The announcement was made on Thursday during an All-Hands meeting that was attended today evening at a meeting of SmartNews staff.
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The company has confirmed the cuts to TechCrunch. The company said the "current economic situation" is to blame.
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The roles that have a significant impact in both the U.S. and China include those in product development, engineering and data science. We know.
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SmartNews staff in Japan In addition, employees from Japan are expected to undergo a "voluntary departing program soon"; however, they haven't been given specifics on what this will mean.
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Lay-off employees will be provided with regular severance benefits and severance packages.
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The staff were told they'd receive the email in 15 mins if one of the people were dismissed.
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In all, SmartNews employs nearly 900 people, which includes its contract employees, with a third of whom work in countries other than Japan.