The Vancouver-based social media management firm told The Logic that its headcount will be just over 1,000 after the layoffs, which are part of a restructuring strategy. The Globe and Mail first reported the news. (The Logic) 

Talking point: “We want to be very clear this decision is not a reflection on them, or their work. It is indicative of a change to our business that realigns our strategies with the positions we need to be successful,” CEO Tom Keiser said in a statement to The Logic. “We need to refocus our strategies to drive efficiency, growth and financial sustainability.” This is the latest setback for Hootsuite, which had been planning an IPO before the public markets chilled this year. It’s among a string of high-profile Canadian tech companies—including Shopify, Wealthsimple and Clearco—that have announced deep workforce cuts in recent weeks. Many tech firms launched hiring sprees during the pandemic, as people relied more on digital services for work and entertainment. Now those companies face the compounding challenges of slowing growth and a bear market choking off investor cash.