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HubSpot Layoffs 2023: What to Know About the Latest HUBS Job Cuts

Source: Stock-Asso / Shutterstock.com

HubSpot (NYSE:HUBS) layoffs are hitting the software company’s employees as it looks to cut costs due to the current economic climate.
This will see HubSpot reduce its headcount by 7%. That repre…

Source: Stock-Asso / Shutterstock.com

HubSpot (NYSE:HUBS) layoffs are hitting the software company’s employees as it looks to cut costs due to the current economic climate.

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This will see HubSpot reduce its headcount by 7%. That represents more than 500 of the company’s employees. That comes as it plans to close its Cambridge headquarters in favor of keeping another location in the area open.

HubSpot expects the layoffs to be complete by the end of the first quarter of 2023. It already cut 500 jobs on Tuesday, which makes up a large portion of the layoffs the company has planned.

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Investors will also note that the HubSpot layoffs come after a hiring spree. Like many tech companies, HubSpot saw a significant expansion of its workforce to deal with increased demand during the pandemic. Unfortunately, it couldn’t maintain those numbers as its business begins to slow.

What’s Behind the HubSpot Layoffs?

Yamini Rangan, CEO of HubSpot, said the following in a letter to employees obtained by Boston.com.

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“We came into 2022 anticipating growth would slow down from 2021, but we experienced a faster deceleration than we expected. Unfortunately, the level of uncertainty in customer demand now tells us that we may have more challenging times ahead. We need to set ourselves up to weather this storm.”

HUBS stock is up 1.3% on Wednesday morning alongside the layoff plans.

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Investors looking for all of the most recent stock market news on Wednesday are in luck!

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InvestorPlace has all of the hottest stock market coverage traders need to know about today! A few examples include why shares of Blink Charging (NASDAQ:BLNK), Mobile Global Esports (NASDAQ:MGAM), and Match (NASDAQ:MTCH) stock are moving today. You can learn all about that at the following links!

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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The post HubSpot Layoffs 2023: What to Know About the Latest HUBS Job Cuts appeared first on InvestorPlace.

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