Foursquare Layoffs: US-Based Tech Company Cuts 25% of Its Workforce To Streamline Its Operations and Achieve Financial Sustainability
Foursquare, a US-based geospatial platform announced laid off 25% of its workforce to streamline operations and achieve financial sustainability. The Foursquare layoffs reportedly affected 105 employees.
California, May 27: Foursquare Labs, Inc., a US-based local search-and-discovery mobile app developer, has laid off 25% of its total workforce. The Foursquare CEO emailed the employees and mentioned that the company would "streamline" its operations and cut some roles to achieve financial sustainability. The Foursquare layoffs were implemented to help the company to be on the path of more financial sustainability.
TechCrunch reported that Foursquare CEO Gary Little emailed the staffers and informed them about the job cuts. The employees impacted by the tech layoffs by Foursquare found that they were removed from accessing the company's system. The report mentioned that the CEO did not comment on the Foursquare layoffs. Paytm Layoffs: Fintech Major To Lay Off 5,000 to 6,300 Employees, Plans To Use AI To Reduce Costs, Says Report
According to the report, the letter sent to the employees did not mention the tech company's future plans. The layoffs at Foursquare affected 25% of the workforce, about 105 employees, said the report. However, the company mentioned which units were impacted by the workforce reduction. Foursquare laid off employees from the Foursquare City Guide, Visits, and OCF.
The report said that Foursquare CEO Gary Little mentioned in his layoff letter that the company would pause its work on many initiatives. He said these initiatives would include Mobile Developers Tools, Geode and the current version of FSQ insights. According to the report, the Foursquare layoffs were not the first hit, as the company laid off multiple employees at the time of the merger with Factual. Another round of Foursquare job cuts was reported in 2022. Media Matters Layoffs: American Journalism Group Lays Off Around Dozen Employees Amid Elon Musk Legal Battle.
Gary Little became CEO of Foursquare in late 2020 after the merger. The report said that the financial deal's terms were not disclosed for this merger. The report also mentioned that Gary Little's previous company, Raine Group, a merchant bank, funded $150 million in Foursquare in 2019. Still, the company has not revealed the next funding round since then. According to the report, the tech company had raised an estimated $400 million over the years.
(The above story first appeared on LatestLY on May 27, 2024 09:54 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).