Online writing platform Wattpad has laid off 42 employees.
The Toronto-based organization lets users write original stories that others can read.
The team had 267 members before the company’s interim president, KB Nam, announced layoff details in a blog post on March 8th. Wattpad blames the changes on difficult economic conditions.
“The global economic reality over the past year has fundamentally changed — and like other businesses, we are not immune,” Nam wrote. “After nearly doubling the size of our teams, it’s now clear that we need to recalibrate based on our current business needs and realities.”
Nam says the company will support impacted employees as it continues to focus on its users. “Practically speaking, going forward, this means we are going to be relentlessly focused on serving the needs of our writers.”
Wattpad isn’t the only company laying off employees. Meta will soon proceed with its own round of layoffs. Google, Spotify, and Twitter are the many other companies that laid off employees in the past months.
Image credit: Shutterstock
Source: Wattpad
