Toronto’s Wattpad, a storytelling platform, recently let go of about 20 employees from its business and operations teams, as per spokesperson Lauren Hopkinson’s email to The Logic. This marks Wattpad’s second workforce reduction since last March, following a 42-job cut.
South Korean search-engine giant Naver, which acquired Wattpad for US$600 million in 2021, initially aimed to boost its workforce, especially in Canada. Despite these plans, Wattpad’s current staff count stands around 200.
This layoff trend is not isolated; tech firm Loopio also announced a 6% staff cut on Tuesday. Overall, the tech sector has seen over 43,000 job losses early this year, a significant indicator of the industry’s current state.
Want to know more? Check out the source code on The Logic.