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: GitLab’s stock slides as company plans to cut 7% of staff

Software company GitLab Inc. is planning to cut about 7% of its staff in the latest round of technology layoffs.

“I had hoped reprioritizing our spending would be enough to withstand the growing global economic downturn,” Chief Executive Sid Sijbrandij said in a note to employees that was also posted on the company’s corporate site Thursday morning. “Unfortunately, we need to take further steps and match our pace of spending with our commitment to responsible growth.”

which makes technology that allows developers to work together on projects, has seen companies take “a more conservative approach to software investments” and elongate their purchasing decisions, according to Sijbrandij’s memo.

The company had about 1,630 employees as of Jan. 31, 2022, according to its most recently filed 10-K. GitLab has “been a 100% remote workforce since inception,” the filing noted.

GitLab shares were off 13% in Thursday morning trading.

Software companies big and small have been slashing jobs amid a tougher economic climate. Among the bigger names that have done so are Salesforce Inc.
Workday Inc.

and SAP

Read: More than 97,000 tech-sector employees have lost their jobs since the start of 2023

There’s been a wave of layoff announcements throughout the broader tech industry as well, with Zoom Video Communications Inc.
eBay Inc.
Dell Technologies Inc.

and Affirm Holdings Inc.

among those that have moved to cut their workforces just in the past week.

See more: Zoom and eBay join Dell, Okta, Spotify, Google, Intel, Microsoft, Amazon and other tech companies making layoffs

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