• Advertise
  • Contact us
Saturday, January 28, 2023
Inside Reports
Advertisement
ADVERTISEMENT
  • Home
  • News
  • Politics
  • Entertainment
  • Sports
  • Business
  • Health
  • Data Report
  • Investigation & Features
  • BBN Update
No Result
View All Result
  • Home
  • News
  • Politics
  • Entertainment
  • Sports
  • Business
  • Health
  • Data Report
  • Investigation & Features
  • BBN Update
No Result
View All Result
Inside Reports
No Result
View All Result
Home Featured

Concerns for Nigerian startups as 126 global firms laid off 15,781 employees in June 2022

July 17, 2022
in Featured, Technology
0
Share on FacebookShare on TwitterShare on LinkedInShare on Raddit

Amidst rising inflation and a gloomy economic outlook, tech startups across the globe bit the bullet in June as they laid off a total of 15,781 staff in the month. This figure represents the number of workers sacked by 126 startups that made their figures public, as many others announced layoffs in the month without disclosing the number of staff.

The layoffs followed a similar pattern that was experienced across sectors of the startups in May, thus raising serious concerns for the budding startup ecosystem in Nigeria.

According to a startup layoff tracker platform, layoffs.fyi, top among the startups that announced massive layoffs in the month was crypto exchange Coinbase, which sacked 1,100, representing 18% of its workforce. Video streaming company, Netflix also sacked 300 in the month, representing 3% of its staff. This brought its total layoffs within two months to 450, as the company had sacked 150 in May this year.

Another major crypto startup, Crypto.com also slashed its staff by 260 in the month, representing 5% of its workforce. It was the same for Chinese-based Bytedance, the owners of popular social media platform, TikTok, which sacked 150 in the month.

California-based health tech unicorn, Carbon, also sacked 250 employees in the month. Carbon had raised more than $500 million to date, including a $350 million round in July 2021 at a $3.3 billion valuation.

What they are saying

  • Citing reasons for the layoff, CEO of Coinbase, Brian Armstrong pointed to a possible recession, and a need to manage Coinbase’s burn rate and increase efficiency. He also said the company grew “too quickly” during a bull market.
  • “We appear to be entering a recession after a 10+ year economic boom. A recession could lead to another crypto winter, and could last for an extended period,” Armstrong said, adding that past crypto winters have resulted in a significant decline in trading activity.
  • Earlier this year, Coinbase said it planned to add 2,000 jobs across product, engineering and design. “Our employee costs are too high to effectively manage this uncertain market. While we tried our best to get this just right, in this case, it is now clear to me that we over-hired. While it’s hard to predict the economy or the markets, we always plan for the worst so we can operate the business through any environment,” Armstrong said.
  • Netflix had also cited the high cost of operation and slow revenue growth as the reasons for laying off some of its staff. The company had said: “Today, we sadly let go of around 300 employees. While we continue to invest significantly in the business, we made these adjustments so that our costs are growing in line with our slower revenue growth.”
  • Announcing its layoff, Co-founder and CEO of Carbon, Eren Bali said: “For the last few years, we have been more focused on topline revenue growth, patient acquisition, patient retention and service expansion, and we have been less focused on profitability. While that was the right decision in 2020 and 2021, the macro environment with more volatile capital markets means it is vital that we become less focused on growth and more focused on profitability.”

The massive layoffs are confirming several projections that tough times are awaiting the startup community as venture capitals slow down funding. High inflation across the globe and the ongoing Russia-Ukraine war are also projected to shrink the startup ecosystem.

FREE SUBSCRIPTION

Join our mailing list to receive the latest news and updates from our team.

You have Successfully Subscribed!

ShareTweetShareShare
Previous Post

States with the largest telecoms infrastructure in Nigeria

Next Post

Fintech Operators Account For 63% Funding Raised In 2021 —Association

Editor

Editor

RelatedNews

See 7 foods you need to eat for increased sexual stamina
Featured

See 7 foods you need to eat for increased sexual stamina

January 13, 2023
Easy steps to make Tiger nut drink
Featured

Easy steps to make Tiger nut drink

January 13, 2023
Ladies' special: 5 best ways to stay happy during your period
Featured

Ladies’ special: 5 best ways to stay happy during your period

January 13, 2023
Here's how to make Apple cake
Featured

Here’s how to make Apple cake

January 13, 2023
Easy steps to make carrot smoothie
Featured

Easy steps to make carrot smoothie

January 13, 2023
Ladies' special: 5 best ways to care for your relaxed hair
Featured

Ladies’ special: 5 best ways to care for your relaxed hair

January 13, 2023
Next Post

Fintech Operators Account For 63% Funding Raised In 2021 —Association

Amazing leaked pictures of the soon-to-be-released iPhone 14 series and why people will rush to buy it

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
Video: Controversial Cross Dresser, James Brown's Sex Tape Leaks

Video: Controversial Cross Dresser, James Brown’s Sex Tape Leaks

October 10, 2022
VIEWER DISCRETION: More Videos of Fed Uni Lafia Lecturer Striping and Beating Student Over Sugar Daddy

VIEWER DISCRETION: More Videos of Fed Uni Lafia Lecturer Striping and Beating Student Over Sugar Daddy

October 22, 2022
Wife of celebrity designer Seyi Vodi attacks alleged side chic, strips her naked (Video)

Wife of celebrity designer Seyi Vodi attacks alleged side chic, strips her naked (Video)

October 1, 2022
Update: Why Police Released Six Davido's Workers, Detained Two Arrested Over Ifeanyi's Death

Update: Why Police Released Six, Detained Two Davido’s Workers Arrested Over Ifeanyi’s Death

November 2, 2022
Video: Controversial Cross Dresser, James Brown's Sex Tape Leaks

Video: Controversial Cross Dresser, James Brown’s Sex Tape Leaks

1
Video: Lady weeps bitterly over alleged demise of Davido’s son, Ifeanyi

Video: Lady weeps bitterly over alleged demise of Davido’s son, Ifeanyi

1
Wizkid announces joint tour with Davido

Wizkid announces joint tour with Davido

1

NGX committed to building structures towards SMEs funding

0
Gombe records 89,880 uncollected PVCs

Gombe records 89,880 uncollected PVCs

January 28, 2023
Forgive my shortcomings – Cubana Chief Priest swears loyalty to wife

Forgive my shortcomings – Cubana Chief Priest swears loyalty to wife

January 28, 2023
Tyre Nichols arrest video released by Memphis officials

Tyre Nichols arrest video released by Memphis officials

January 28, 2023
ABU VC laments manpower shortage

ABU VC laments manpower shortage

January 28, 2023

Recent News

Gombe records 89,880 uncollected PVCs

Gombe records 89,880 uncollected PVCs

January 28, 2023
Forgive my shortcomings – Cubana Chief Priest swears loyalty to wife

Forgive my shortcomings – Cubana Chief Priest swears loyalty to wife

January 28, 2023
Tyre Nichols arrest video released by Memphis officials

Tyre Nichols arrest video released by Memphis officials

January 28, 2023
ABU VC laments manpower shortage

ABU VC laments manpower shortage

January 28, 2023
Inside Reports

Inside Reports is a Nigerian media outlet aiming to advance democracy through disseminating credible news. In the era of fake news and infodemic, Inside Reports is the online media outlet to go to in search of credible, verifiable and factual news.

Follow Us

Browse by Category

  • AFRICAN NEWS
  • Basketball
  • BBN Update
  • Business
  • Campus gist
  • Celebrity gossip
  • Climate & Environment
  • Crime
  • Crypto
  • Data Report
  • Education
  • English premier league
  • Entertainment
  • Featured
  • Football
  • Foreign
  • Gadget
  • Golf
  • Health
  • Investigation & Features
  • Jobs
  • Laliga
  • Mobile
  • Movies
  • Music
  • News
  • Opinion
  • Politics
  • Sports
  • Sure betting odds
  • Technology
  • Tennis
  • TRENDING VIDEO
  • Uncategorized
  • Video

Recent News

Gombe records 89,880 uncollected PVCs

Gombe records 89,880 uncollected PVCs

January 28, 2023
Forgive my shortcomings – Cubana Chief Priest swears loyalty to wife

Forgive my shortcomings – Cubana Chief Priest swears loyalty to wife

January 28, 2023
  • About us
  • Contact us
  • Privacy policy

© 2022 Inside Reports - All Rights Reserved .

No Result
View All Result
  • News
  • Politics
  • Business
  • Sports
    • Football
      • English premier league
      • Laliga
    • Basketball
    • Golf
    • Tennis
  • Politics
  • Education
  • Campus gist
  • Crime
  • Entertainment
    • BBN Update
    • Celebrity gossip
  • Music
  • Video
  • Health
  • Technology
    • Gadget
      • Mobile
  • Investigation & Features
  • Climate & Environment
  • Data Report
  • Jobs
  • Sure betting odds

© 2022 Inside Reports - All Rights Reserved .

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist