https://www.crn.com/news/cloud/digitalocean-layoffs-to-affect-11-percent-of-workforce
1 reply
Cloud vendor DigitalOcean will cut 11 percent of its employees, announcing the layoffs the same day it reported earnings for the fourth quarter of its fiscal year and about a month after acquiring backup and recovery services provider SnapShooter.
The New York-based vendor, led by CEO Yancey Spruill, has already informed about 100 employees about their layoffs and will let go about 100 more, according to The Register. About half of the workforce is outside the United States. Overseas sales make up about 70 percent of the vendor’s revenue.
Meanwhile, the company announced $163 million in revenue for the quarter ended Dec. 31, an increase year over year of 36 percent. But gross profit of $99.6 million was down 200 basis points year over year and DigitalOcean revealed a loss from operations of about $15 million.