The redundancies come during great uncertainty in the technology sector, with many ASX listed tech stocks sold off 30 per cent or more in the past six months.
Melbourne-based digital assets marketplace Envato, majority owned by Rich Listers Cyan and Collis Ta’eed, has made about 100 staff redundant, as it shifts focus from older assets to its newer subscription products.
While in the 2021 financial year Envato’s revenue leapt 14 per cent to $228.5 million, and its operating profit surged 76 per cent to a record $36.5 million, Mr Assi said the company would be operating in a more “challenged” environment in the next two to three years. To support the 100 or so staff that have been laid off, Envato is providing each of them with a minimum of 12 weeks pay, and its recruitment team is focused on working with the former employees to help find them new roles and get their CVs up to scratch.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ASX LIVE: ASX poised to open lower with RBA meeting in focusASX futures point to 0.4pc opening drop; Wall Street declines; US nonfarm payrolls beat expectations; Brent crude breaches $US120; $A drops to US72.07¢. Follow the latest here.
Read more »
ASX LIVE: ASX poised to open lower with RBA meeting in focusAustralian shares to open lower; Liontown and Tesla execute offtake agreement; Growthpoint confirms discussions with Fortius regarding ‘potential transaction’; ACCC extends review of Link takeover. Follow the latest here.
Read more »
Bloodbath: Almost $8b in value wiped from ASX listed media stocks in 2022Shares in ASX-listed media companies have taken a nosedive due to rising interest rates and fears of a recession.
Read more »
Bloodbath: Almost $8b in value wiped from ASX listed media stocks in 2022Shares in ASX-listed media companies have taken a nosedive due to rising interest rates and fears of a recession.
Read more »
ASX to drop amid bets for higher rates, slower growthAustralian shares are set to follow New York’s lead and open lower as corporate America sees ever more clouds gathering over the economy.
Read more »
ASX to drop amid bets for higher rates, slower growthAustralian shares are set to follow New York’s lead and open lower as corporate America sees ever more clouds gathering over the economy.
Read more »