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Canva lays off over 1,200 people amid slowing growth
TechCrunch • • business
Key Points:
- Canva is laying off 22% of its workforce, totaling 1,271 employees, due to a slowdown in growth after a decade of rapid expansion.
- CEO Melanie Perkins acknowledged the company’s need to adapt despite past successes, citing this year as the hardest yet for Canva.
- The company is restructuring by merging product, growth, and platform teams to improve communication and reduce specialization, with employees expected to take on broader roles.
- Canva is shifting towards a hybrid work model, requiring employees to work from the office several days per week.
- To manage rising AI-related costs, Canva is developing its own AI models but has lowered its revenue growth forecast from 30% to 20%, leading early investors to reduce the company's valuation to about $35 billion.
