Monday.com has been named one of the tech companies most likely to be involved in significant layoffs this year, according to reports. The company's rapid growth in recent years, driven by its AI-driven platform, has raised concerns among investors and analysts. In a statement earlier this week, Monday.com said it was "evaluating our business strategy" after a report from Cowen stated that the company's stock price had plummeted due to increased competition in its market.
Cowen's report cited Monday.com's decision to lay off an estimated 10% of its workforce as part of its restructuring efforts. This is not the first time the company has been involved in layoffs, with previous estimates suggesting that up to 50 employees were let go in April this year. The timing and scope of these layoffs have raised concerns among investors, who are wondering how Monday.com will adapt to the changing market conditions.
The news comes after a string of major tech companies have announced significant layoffs in recent months. Amazon has cut around 18% of its workforce since January, while Microsoft reported a 15% decline in jobs in March. Other companies, including Slack and Asana, have also been forced to restructure their operations in response to increased competition from AI-driven platforms like Monday.com.