Canva restructuring to hit 22% of staff after growth slows
Most hybrid Canva employees will be in the office two to three days a week from January.
Canva, the popular Australian design platform, has announced its first mass layoff, potentially impacting up to 1,271 employees. Co-founder and CEO Melanie Perkins announced the restructuring, which would affect 22 percent of the company's staff. Some employees will face role changes or relocation to central hubs, while others will be saying goodbye to colleagues who helped build Canva into its current state.
The company, known for its browser-based design platform, has experienced a slowdown in growth, with monthly active users dropping to 208 million in July from 265 million in the previous year. Canva revised its revenue growth expectations from 30 percent down to 20 percent and reduced its internal valuation by $7.9 billion. Two of Canva's backers also decreased their valuations.
Some workers will be asked to move to Sydney, where more product teams will be based, while others will be expected to spend two to three days a week in the office from January. Canva aims to refound itself with small, empowered teams, focusing on what matters most for its community. Employees impacted by the layoffs will receive a minimum of six months' salary, retain their work MacBook, and have access to various support and resources during the transition.
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