Thinkific lays off 100 as TSX’s bumper class of 2021 tech IPOs continues to disappoint
Thinkific Labs Inc. said Tuesday it is cutting 100 jobs, becoming the second alumnus of last year’s Canadian technology IPO rush in days to announce a shakeup after the collapse of its stock price.
and a $75-million loan from investor Fairfax Financial Holdings Inc. as the agriculture technology vendor reported another poor quarter. Then on Feb. 23, Thinkific provided a lighter first-quarter forecast than expected and said it would rejig its sales and marketing strategy. The stock fell 14 per cent and has since drifted further, closing Tuesday at $2.98.
During an interview with The Globe and Mail three weeks ago, Thinkific’s CEO hinted changes were afoot. “Right now, for the stage we’re at, we’re spending too much and looking to be more efficient with that spend, but there are a lot of levers we can pull on being more efficient,” Mr. Smith said.
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