Cloud infrastructure provider DigitalOcean is laying off about 11 per cent of its workforce, or nearly 200 employees, the media reported.
About 100 employees were let go immediately and another 100 will be sacked shortly, reports The Register, citing sources.
The report said the company showcased a slide to employees about the staff reduction at a meeting late on Wednesday.
"Our goal was to do this once so we would move forward towards business as usual again. Ongoing reductions are disruptive to the business and more importantly our employees, and we would like to minimise this as much as possible," said the company.
"There is no plan at this moment in time to conduct future reductions in force," according to DigitalOcean.
The company did not officially comment on layoffs.
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Some of the employees, who were fired, posted about their layoffs on social media sites, including LinkedIn.
According to the report, DigitalOcean "also conducted a management reorganisation".
DigitalOcean reported $152.1 million in revenue for its third quarter of 2022, an increase of 37 per cent year-on-year.
The Cloud fire reported gross profit of $97.6 million. The company was likely to report its Q4 2022 results on Thursday.
DigitalOcean is headquartered in New York City, with several globally distributed data centres.
DigitalOcean provides developers, startups, and SMBs with cloud infrastructure-as-a-service platforms.
It also runs Hacktoberfest, a one month-long celebration of open source software held in October.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)