News: Stack Overflow lays off 10% of its workforce, refocuses on core business

Strategic HR

Stack Overflow lays off 10% of its workforce, refocuses on core business

According to CEO Prashanth Chandrasekar, the layoffs are a result of the company's renewed focus on profitability amid macroeconomic concerns.
Stack Overflow lays off 10% of its workforce, refocuses on core business

On Thursday, Stack Overflow, a website dedicated to question-and-answer exchanges for developers, revealed that it would be reducing its workforce by 10%.

At least 58 employees will be affected by the job cuts announced by Stack Overflow, a question-and-answer portal for developers, according to a blog post by CEO Prashanth Chandrasekar. He stated that the decision to focus on profitability was driven by macroeconomic concerns.

“Our focus for this fiscal year is on profitability and that, along with macroeconomic pressures, led to today’s changes. They were also the result of taking a hard look at our strategic priorities for this fiscal year as well as our organizational structure as we invest in the continued growth of Stack Overflow for Teams and pursue agility and flexibility,” Chandrasekar said.

LinkedIn posts from affected employees indicate that the layoffs are affecting a range of positions, including UX designers, human resource professionals, product designers, and senior software developers. The affected employees are being offered severance packages and extended health benefits.

Since the middle of last year, various technology companies such as Amazon, Meta, Google, and Microsoft have also undergone layoffs resulting in job losses for professionals in comparable positions.

The CEO announced that in the upcoming months, Stack Overflow will introduce AI and ML-based offerings as part of its strategy to prioritise profitability.

The CEO's decision to launch AI and ML-based offerings could be linked to the emergence of new product offerings from vendors like AWS, IBM, and Google, who are responding to the growing demand from enterprises for generative AI and natural language processing capabilities.

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Topics: Strategic HR, #Layoffs, #HRTech, #HRCommunity

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