HubSpot layoffs

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.”

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.

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.

HubSpot Inc. said Tuesday it would layoff about 7% of its workforce, or about 500 employees, as part of a plan to cut costs. The internet marketing software ...

“We grew headcount faster than revenue in a number of teams. HubSpot Inc. In a letter to employees, Chief Executive Yamini Rangan said while growth was expected to slow in 2022, the deceleration was faster than expected.

Twenty-eight U.S. companies have conducted major rounds of job cuts so far this month, as recession fears continue in 2023.

The biggest came from Facebook and Instagram parent company [Meta](https://about.fb.com/news/2022/11/mark-zuckerberg-layoff-message-to-employees/), which laid off roughly 11,000 employees in November. announced plans to lay off 25% of its workforce (950 employees) in a company Publishing giant HarperCollins announced it would slash 5% of its staff in the U.S. [ blog post](https://www.coinbase.com/blog/a-message-from-ceo-and-co-founder-brian-armstrong-to-coinbase-employees) in order to “weather downturns in the crypto market,” after it [ laid off](https://www.cnbc.com/2022/06/14/coinbase-lays-off-18percent-as-execs-prepare-for-recession-crypto-winter.html) another 18% of its staff last June. [CNBC](https://www.cnbc.com/2023/01/11/directv-lays-off-staffers-as-cord-cutting-accelerates-.html), as the company struggles with an increase in the cost to “secure and distribute programming,” and after the company lost nearly 3% of its subscribers (400,000) in the third quarter of 2022, [according to](https://www.leichtmanresearch.com/major-pay-tv-providers-lost-about-785000-subscribers-in-3q-2022/) the Leichtman Research Group. The German enterprise software firm—whose U.S. [filing](https://d18rn0p25nwr6d.cloudfront.net/CIK-0001409970/1392acbf-b892-4549-95ac-da9179c274f7.pdf), amid a “challenging economic environment,” as the San Francisco-based company attempts to “align its operations to reduced marketplace revenue” following seven rounds of Federal Reserve [interest rate hikes](https://www.forbes.com/sites/jonathanponciano/2023/01/04/fed-expects-no-interest-rate-cuts-in-2023-one-official-warns-of-costly-error-if-central-bank-backs-down-too-soon/?sh=5841274f24ae) last year and as concerns persist of a potential recession. [cuts](https://blogs.microsoft.com/blog/2023/01/18/subject-focusing-on-our-short-and-long-term-opportunity/), which affect 10,000 employees (less than 5% of its workforce), come three months after the Washington-based company conducted another [round of layoffs](https://www.forbes.com/sites/brianbushard/2023/01/04/amazon-reportedly-cutting-17000-jobs-as-major-layoffs-continue-into-2023/?sh=6bc19f365c6e) affecting less than 1% of its roughly 180,000 employees, with CEO Satya Nadella saying in a message to employees that some workers will be notified starting Wednesday, and the layoffs will be conducted by the end of the third fiscal quarter in September. PayPal unveiled plans Tuesday to cut 2,000 employees, becoming the latest U.S. [CNBC](https://www.cnbc.com/2023/01/23/crypto-exchange-gemini-lays-off-10percent-of-workforce-.html) and [The Information](https://www.theinformation.com/articles/gemini-is-laying-off-10-of-staff-marking-latest-[%E2%80%A6]n=article_notification&utm_content=article-9630&rc=tppl7c?irclickid=w5oS%3At3NCxyNT3rSCjyT1QUUUkA1itzGmyXwT00&irgwc=1&utm_source=affiliate&utm_medium=cpa&utm_campaign=10078-Skimbit+Ltd.&utm_term=coindesk.com), with layoffs [estimated](https://markets.businessinsider.com/news/currencies/gemini-lays-of-10-of-its-workforce-citing-bad-actors-reports-say-2023-1) to affect 100 of its roughly 1,000 employees—its [latest round](https://www.forbes.com/sites/brianbushard/2023/01/04/amazon-reportedly-cutting-17000-jobs-as-major-layoffs-continue-into-2023/?sh=1e86e16d5c6e) of cuts after it slashed 7% of its staff last July, and another 10% last May. [filing](https://www.sec.gov/Archives/edgar/data/1874944/000187494423000003/emldated1-24x23.htm) as it moves to reduce costs and “focus on being a profitable company,” three months after it announced it would cut another [6%](https://www.forbes.com/sites/brianbushard/2023/01/04/amazon-reportedly-cutting-17000-jobs-as-major-layoffs-continue-into-2023/?sh=28b0d52e5c6e) of its staff. [filing](https://philipssaiditwouldcut3%2C000jobsworldwidein2023and6%2C000totalby2025afterthedutchelectronicsandmedicalequipmentmakerannounced%241.xn--7billioninlossesfor2022%2Casceoroyjakobsaddedthecompanywillnowfocusonstrengtheningourpatientsafetyandqualitymanagement-1e00f.xn--ivg/), as part of a restructuring plan, with CEO Yamini Rangan [telling staff](https://www.hubspot.com/company-news/a-message-from-hubspot-ceo-yamini-rangan) it follows a “downward trend” after the company “bloomed” in the Covid-19 pandemic, with HubSpot facing a “faster deceleration than we expected.”