HubSpot

HubSpot is the latest tech employer to acknowledge "a faster deceleration" in business than anticipated.

"We were optimistic about our headcount growth and underestimated the impact of the slowdown in 2022," Rangan added. "Unfortunately, the level of uncertainty in customer demand now tells us that we may have more challenging times ahead. A "lease consolidation" is included in HubSpot's restructuring plan, which was approved by the board on Jan. "Our business boomed throughout the pandemic but in 2022, things took a downward turn," she wrote. The Cambridge marketing tech firm (NYSE: HUBS) said on Tuesday it is cutting the size of its team by 7%, approximately 500 "HubSpotters." It also plans to close its current Cambridge headquarters and move its remaining employees to a nearby building.

The internet marketing software company said the job cuts are expected to be completed by the end of the first quarter of 2023. The company said it was also ...

We were optimistic about our headcount growth and underestimated the impact of the slowdown in 2022," Rangan wrote. In a letter to employees, Chief Executive Yamini Rangan said while growth was expected to slow in 2022, the deceleration was faster than expected. The company said it was also consolidating office leases to create "higher density" in its workspaces.

The tech firm is cutting about 500 jobs and will consolidate some of its offices amid slowing orders from customers.

But analysts expect its revenue growth will slow to 20 percent in 2023. The company grew from 4,225 employees at the end of 2020 to more than 7,400 this year. They may also keep company laptops and related gear. HubSpot’s revenue increased 47 percent in 2021 to $1.3 billion and another 35 percent to $1.3 billion in the first nine months of 2022. “Unfortunately, the level of uncertainty in customer demand now tells us that we may have more challenging times ahead. We need to set ourselves up to weather this storm.”

The internet marketing software company said in a letter to employees on Tuesday that its headcount has outgrown revenue as rapid growth in 2021 decelerated ...

The lease consolidation is expected to cost about $48 million to $74 million. Rangan said the company plans to slash investments that aren't "aligned with our strategy." HubSpot also plans to consolidate its leased offices to create higher density workspaces, according to a securities filing.

HubSpot (NYSE: HUBS) disclosed: On January 25, 2023, the Board of Directors of HubSpot, Inc. (the “Company”) authorized a restructuring plan (the “Plan”) ...

The actions associated with the lease consolidation under the Plan are expected to be fully completed in 2023. The Company estimates that it will incur charges of approximately $72.0 million to $105.0 million in connection with the Plan, consisting primarily of cash expenditures. (the “Company”) authorized a restructuring plan (the “Plan”) that is designed to reduce operating costs and enable investment in key opportunities for long-term growth while driving continued profitability. [Wall St buoyed by easing inflation concerns ahead of Fed decision](ETFs/Wall+St+buoyed+by+easing+inflation+concerns+ahead+of+Fed+decision/21136277.html) [ExxonMobil gains following record profit, 'solid execution'](Earnings/ExxonMobil+gains+following+record+profit%2C+solid+execution/21136847.html) [Caterpillar Q4 earnings miss as costs weigh](Earnings/Caterpillar+Q4+earnings+miss+as+costs+weigh/21135847.html) [U.S. $24.0 million to $31.0 million of the charges under the Plan are related to employee severance costs and $48.0 million to $74.0 million of the charges are related to lease consolidation. [workforce reduction](entities/Layoffs) under the Plan are expected to be substantially complete by the end of the first quarter of 2023, subject to local law and consultation requirements.

HubSpot's global headquarters at 25 First Street in Cambridge, Massachusetts. Software company HubSpot has joined a growing roster of tech companies cutting ...

He [told an audience](https://www.bisnow.com/national/news/office/microsoft-to-lay-off-10k-add-density-to-office-spaces-117240) at [the World Economic Forum](https://www.bisnow.com/tags/the-world-economic-forum) that the tech industry would have to get "more efficient" in this moment of change for the sector. The group joins a [beleaguered tenant sector](https://www.bisnow.com/national/news/office/tech-layoffs-taking-a-big-bite-out-of-beleaguered-office-market-117348) whose leasing volume dropped 57% between the third and fourth quarters of 2022, according to [Savills](https://www.bisnow.com/tags/savills) data. [Microsoft](https://www.bisnow.com/tags/microsoft) CEO [Satya Nadella](https://www.bisnow.com/tags/satya-nadella) notified the SEC that his corporation would spend $1.2B as a result of layoffs and returning office space. We came into 2022 anticipating growth would slow down from 2021, but we experienced a faster deceleration than we expected." [Intel](https://www.bisnow.com/tags/intel) and [SoFi](https://www.bisnow.com/tags/sofi) among the firms laying off tech workers just this week, according to Layoffs.FYI. [More than a half-dozen tech firms have listed sublease space](https://www.bisnow.com/boston/news/technology/boston-tech-layoffs-add-fuel-to-the-fire-as-the-office-market-continues-to-suffer-116512) larger than 50K SF there, Bisnow reported in November. [signing a 205K SF lease expansion and renewal](https://www.bisnow.com/boston/news/office/hubspot-doubles-down-office-commitment-at-east-cambridge-hq-110110) near its listed headquarters in Cambridge's Kendall Square. "Our business boomed throughout the pandemic but in 2022, things took a downward turn. [the SEC](https://www.bisnow.com/tags/the-sec), CEO Yamini Rangan cited a "perfect storm" of factors leading to the cost reduction plan, including inflation, a "volatile foreign exchange" and customers tightening their budgets. [HubSpot](https://www.bisnow.com/tags/hubspot) has joined a growing roster of tech companies cutting office space due to difficult economic conditions. [filing](https://www.sec.gov/Archives/edgar/data/1404655/000119312523019779/0001193125-23-019779-index.html) with the Securities and Exchange Commission on Tuesday. [lists](https://www.hubspot.com/company/contact) U.S.

The plan also calls for a lease consolidation to create higher density across HubSpot's (HUBS) workspaces. The lease consolidation measures are expected to be ...

[~3% of global workforce ](https://seekingalpha.com/news/3929732-workday-to-eliminate-3-of-global-workforce)and NetApp to eliminate [~8% of global headcount](https://seekingalpha.com/news/3929810-netapp-to-eliminate-8-of-global-headcount) While all of these changes were necessary, they are no longer sufficient." We slowed hiring, minimized travel, cut discretionary spend, and repurposed teams with excess capacity.

Cambridge-based software company HubSpot is cutting 7 percent of its workforce as part of a series of changes. Read more on Boston.com.

About 500 of those “HubSpotters” were laid off Tuesday. We need to set ourselves up to weather this storm.” [obtained by The Boston Globe](https://www.bostonglobe.com/2023/01/31/business/cambridge-software-company-hubspot-cuts-7-percent-workforce/).

This afternoon, HubSpot announced it would be making cuts in its workforce during Q1 2023. In a Securities and Exchange Commission filing it put the scale ...

As the importance of digital marketing and the digital environment in general grew at an unprecedented rate, vendors saw opportunities for growth. The size of the workforce at HubSpot grew over 40% between the end of 2020 and today. The current cool down in the martech space, and in tech generally, does need to be seen in the context of startling leaps forward made under pandemic conditions.