Canva announces major job cuts after ‘our hardest year yet’
Canva, one of Australia’s best known start-ups, has announced a shake up of the business that will affect 22% of its workers, including job cuts. In what was “without doubt the hardest moment in our thirteen-year history” co-founder and CEO Melanie Perkins said 1,271 people would either lose their jobs, be asked to relocate or […] The post Canva announces major job cuts after ‘our hardest year…
Canva, a leading Australian startup, has announced significant job cuts affecting 22% of its workforce, totaling 1,271 employees. Co-founder and CEO Melanie Perkins described this as "the hardest moment in our thirteen-year history." The company's value has declined over the past year due to concerns about AI's impact on its business and the cost of integrating the technology. Perkins stated that 2023 was "our hardest year yet," with growth slowing for the first time in a decade.
Canva, with a presence in 37 countries, announced that Sydney would become the primary hub for its product teams. Employees are expected to spend two to three days in the office annually. Earlier this year, backers Blackbird Ventures and Airtree reduced Canva's valuation from A$60 billion to approximately A$49 billion, and the company cut its own internal valuation amid soaring AI expenses for new product development.
Perkins, who co-founded Canva at 19, emphasized that new technology is transforming the way people create, highlighting the company's offerings for users without design skills or technical expertise. These tools help create professional-looking graphics and presentations, ranging from wedding invitations to business pitch decks.
Written by urgent.news from KBC's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
