Canadian social media company Hootsuite is laying off 5% of its staff as it continues to
restructure its operations.
The latest round of layoffs comes four months after the Vancouver-based company announced
that it was reducing its workforce by 30% as part of a worldwide restructuring.
Privately held Hootsuite has said that it needs to refocus its business to drive efficiencies and
financial growth.
Other Canadian technology companies have also announced layoffs in recent months as their
business slows, including Shopify (SHOP) and Wealthsimple.
Technology stocks were among the best performers on the Toronto Stock Exchange during the
pandemic but have been replaced this year by stocks of oil and natural gas producers, as well
as commodity-focused companies.