Bishop Fox, a cybersecurity firm based in the United States, let go of almost 50 workers, which accounts for approximately 13% of its staff, on May 2nd. Interestingly, this development came to light shortly after the company hosted a party at the RSA cybersecurity conference, where it offered branded beverages.
According to the TechCrunch report, Bishop Fox has not disclosed the amount of money spent on the RSA party. However, Kevin Kosh, the company's spokesperson, stated that they had reserved the RSA cybersecurity conference's event space months prior.
The primary objective behind the booking was to organise a day-long live stream event that aimed to encourage knowledge sharing and community engagement on a broader scale.
Although Bishop Fox denied any connection between the party and the layoffs, the affected employees were surprised by the decision. The report further stated that one of the impacted employees pointed towards "internal restructuring" as the reason behind the job cuts.
Bishop Fox refused to reveal the cost of the RSA party and confirmed that they had roughly 400 employees before the job cuts.
According to Bishop Fox CEO Vinnie Liu, the company has taken proactive measures to enhance business efficiency by leveraging global economic conditions and identifying potential opportunities.
Despite their stable business and robust demand for solutions, Liu acknowledged that the current global economy's investment trends and uncertainties cannot be ignored.
"Bishop Fox remains healthy, and we continue to be bullish about our growth and technology investments over the coming quarters and years," Liu told TechCrunch.
The report emphasised that Amplitude, a software company based in the United States, let go of almost 99 employees, which amounts to roughly 13% of its workforce, the previous month. The layoffs were attributed to the severe macroeconomic conditions.