Cloud infrastructure provider DigitalOcean is laying off about 11 per cent of its workforce, or nearly 200 employees, the media reported.
About 100 employees were let go immediately and another 100 will be sacked shortly, reports The Register, citing sources.
The report said the company showcased a slide to employees about the staff reduction at a meeting late on Wednesday.
"Our goal was to do this once so we would move forward towards business as usual again. Ongoing reductions are disruptive to the business and more importantly our employees, and we would like to minimise this as much as possible," said the company.
"There is no plan at this moment in time to conduct future reductions in force," according to DigitalOcean.
The company did not officially comment on layoffs.
Some of the employees, who were fired, posted about their layoffs on social media sites, including LinkedIn.
According to the report, DigitalOcean "also conducted a management reorganisation".
DigitalOcean reported $152.1 million in revenue for its third quarter of 2022, an increase of 37 per cent year-on-year.
The Cloud fire reported gross profit of $97.6 million. The company was likely to report its Q4 2022 results on Thursday.
DigitalOcean is headquartered in New York City, with several globally distributed data centres.
DigitalOcean provides developers, startups, and SMBs with cloud infrastructure-as-a-service platforms.
It also runs Hacktoberfest, a one month-long celebration of open source software held in October.
--IANS
na/dpb
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app