• Hootsuite, a leading social media management firm, stated that it has laid off 30% of its workforce. The firm is estimated to have more than 1400 employees which imply around 400 workers would have been affected by this decision. 

• The firm claimed that this was in an attempt to refocus its business strategies while ensuring financial stability. 

• Hootsuite joins a growing list of Canadian startups which also includes Trulioo, Canada Drives, and Copperleaf which have cut back on their hiring plans. 

<ul><li> Analyst QuickTake: While the firm did not disclose further details on its revised strategy and the reason for the hiring cuts, Hootsuite has faced a number of setbacks in the recent past, which include Hootsuite’s founder stepping down as board chair as well delays to its planned IPO where it had initially planned to list before Christmas 2021 where a revised date for the IPO is yet to be set. While being an early mover in the social media marketing space with a large customer base, analysts have reported that Hootsuite’s valuation which was rumored to be worth around USD 1 billion in 2014 has since declined significantly which may have contributed to its most recent action.</ul>