Staff from Q4′s sales, marketing and research-and-development teams were expected to be affected, company says
said Tuesday that it will lay off 8 per cent of its staff as it joins the ranks of tech companies racing to cut costs amid a sector-wide downturn.
Staff from Q4′s sales, marketing and research-and-development teams were expected to be affected, the company said in a press release. Like other companies that are laying off staff – amid macro uncertainty that is in large part related to persistent inflation and rising interest rates – Q4 acknowledged that it needed to more quickly seek profits.
In a LinkedIn post, chief executive Darrell Heaps said 48 people will lost their jobs. “After careful consideration, we decided to make these changes to the business to ensure we are well positioned for the current market, the future growth ahead and our path to profitability,” Mr. Heaps wrote. This sea change comes after more than a dozen years of historically low interest rates coincided with a massive sense of optimism toward technology companies, prompting venture capitalists, institutional financiers and everyday investors to plow trillions of dollars into the sector. It’s been a whiplash few months for tech: After all those years spent prioritizing growth at all costs, many companies are scrambling to more sustainably profit.
Though the share prices of publicly traded tech companies have trended upwards in recent weeks, they remain volatile, and many smaller companies are grappling with the shock of that volatility. After filing to go public in May, 2021, Q4 paused its plans for several months amid a
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