Cloudy software developer HashiCorp plans to lay off eight per cent of its workforce as part of a set of cost-cutting measures despite the fact it made record revenues.
The outfit recorded a 37 per cent year-over-year revenue rise and a solid fall in its net loss.
CEO Dave McJannet said that the cull of HashiCorp’s employees also follows the company’s targeted cuts in discretionary spending in response to a difficult macroeconomic environment and pressure from customers’ buying process.
“We are responding to the current customer and economic environment with proactive actions to lower our ongoing costs,” McJannet said.
