Digital intelligence Israel-based firm Similarweb cuts another 6% of staff

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Digital intelligence company Similarweb has laid off around 6 per cent of its workforce, or over 60 employees, in another round of job cuts.

According to CTech, the cutbacks were announced together with the company's results for the first quarter (Q1) of 2023.

The majority of those laid off are based outside of Israel.

In November last year, Similarweb laid off about 10 per cent of its team, around 130 employees, when it announced its results for the third quarter of 2022.

Moreover, the report said Similarweb, which creates measurement tools for analysing web behaviour and traffic analytics, saw its cash and cash equivalents fall to $75.3 million at the end of March.

In future, the company anticipates total revenue for 2023 to fall within the range of $221 million to $222 million, with a mid-point growth rate of approximately 15 per cent (year-over-year), the report added.

Meanwhile, e-commerce platform Shopify has announced to lay off 20 per cent of its workforce which will impact more than 2,000 people.

The company also announced that the American multinational corporation Flexport will buy Shopify Logistics.

"Shopify will be smaller by about 20 per cent and Flexport will buy Shopify Logistics; this means some of you will leave Shopify today. I recognise the crushing impact this decision has on some of you, and did not make this decision lightly," said the company's CEO Tobi Lutke.

--IANS

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