GitLab CEO Sid Sijbrandij said: message to employees On Thursday, the company announced a 7% headcount reduction, or about 130 jobs.
GitLab’s stock price dropped about 12% following the news.
“The current macroeconomic environment is challenging, and as a result, companies are still spending, but taking a more conservative approach to software investment and spending more time on purchasing decisions,” Sijbrandij said. said in a message to employees.
GitLab had 1,860 employees, according to PitchBook data.Competing microsoftGitHub provides enterprise-grade services for collaborative software development. goldman sachs, UBSMore, NVIDIAand siemens among its clients.
“I had hoped that by reprioritizing our spending, we would be well able to weather the growing global recession. and the pace of spending,” the CEO told employees.
GitLab offers retirement benefits that include a one-time payment equal to four months of base salary, accelerated vesting of shares, and “where possible” up to six months of medical insurance payments.
GitLab joins the ranks of tech companies, large and small, that have laid off staff in recent months. alphabet, meta, Amazonand microsoftMany cite a shrinking macroeconomic environment.
GitLab did not immediately respond to a request for comment.