Uber, Robinhood and other S.F tech companies lay off hundreds
Four San Francisco tech companies laid off hundreds of employees over the past week, a sign that while downsizing has slowed, the industry isn’t done cost cutting.
Software company New Relic is laying off 155 U.S. workers and up to 57 people overseas, according to a company memo. The company is cutting redundancies and roles not aligned with priorities, CEO Bill Staples wrote. In the past fiscal year, the company lost $55.2 million from operations.
Ride-hailing giant Uber cut around 200 workers in its recruiting team as hiring has slowed, according to a memo obtained by the Wall Street Journal. The layoffs follow hundreds of others in its freight and food-delivery divisions, but Uber’s layoffs account for less than 3% of its roughly 32,000 workers, far less than some of its delivery rivals. Its smaller competitor Lyft has cut around 30% of workers this year.
Online brokerage Robinhood is cutting around 150 workers — 7% of staff — the Journal also reported. It’s the company’s third round of cuts in the last year.
Robinhood rode the free stock-trading wave to a high of 21 million users in mid-2021, but that number has fallen to under 11 million users as of May, according to company filings. Earlier this month, Robinhood said seven employees at its Menlo Park office would be laid off as well, according to a state filing.
Software firm Anaplan laid off 119 employees at its headquarters at 50 Hawthorne St., according to a state Worker Adjustment and Retraining Notification filing. Affected workers included engineers, analysts, designers and managers. Private equity firm Thoma Bravo took the company private in a $10.4 billion deal last year.
San Francisco’s unemployment rate was 3% in May, relatively unchanged since the beginning of the year and low by historical standards. Many Bay Area tech companies’ layoffs are affecting workers in other states and regions, according to public filings.
Source: San Francisco Chronicle
