The Toronto-based digital-community platform provider said it was laying off about 60 employees to lower expenses and position it “to navigate the current economic environment” after adding staff “aggressively over the last few years.” (The Logic)

Talking point: The layoffs and other cost-cutting measures are expected to save about $6 million annually. VerticalScope, which went public in June 2021, also reported preliminary fourth-quarter financial results. It expects a roughly 11 per cent quarterly revenue drop and an increase in monthly active users. The firm is one of many to hold an initial public offering in a record-breaking year whose shares have since struggled to retain their value. VerticalScope’s layoffs come amid a changing economy that’s led tech firms to reassess their staffing as they look to extend their financial runway. So far this year, Benevity, Hootsuite, Microsoft, Alphabet, Lightspeed and Amazon are among those making significant cuts.