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Canva Cuts Jobs and Restructures After Its 'Hardest Year Yet'
Canva cuts jobs and restructures, affecting 22% of its workers as it grapples with AI costs and a falling valuation.
Key points
- 1,271 people will either lose their jobs, be asked to relocate or change roles, Canva said.
- Sydney will become the primary home for more product teams, and hybrid workers will be expected in the office two to three days from next
- Blackbird Ventures and Airtree reportedly downgraded Canva's valuation from A$60bn at the end of last year to about A$49bn.
Why it matters. The changes affect a company with staff in 37 countries, and Canva says its growth has slowed for the first time in a decade, which may shape how it operates going forward.
Australian software firm Canva announced on Wednesday a shake-up affecting 22% of its workers, co-founder and CEO Melanie Perkins said. She put the number of people who would lose their jobs, be asked to relocate or change roles at 1,271, calling it the hardest moment in the company's thirteen-year history. Backers Blackbird Ventures and Airtree reportedly cut its valuation from A$60bn at the end of last year to about A$49bn earlier this year, amid AI-related costs.
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Canva Cuts Jobs and Restructures After Its 'Hardest Year Yet'
Canva, one of Australia's best-known start-ups, has announced a restructure that will affect 22% of its workforce. Co-founder and CEO Melanie Perkins said 1,271 people would either lose their jobs, be asked to relocate or change roles. Perkins described the moment as "without doubt the hardest moment in our thirteen-year history" and said this year had been the company's hardest yet. Afr reported that Canva had set a 2026 goal of reaching US$5.2 billion in annualised revenue excluding tax, a target it said was not being met. BBC reported that the company's valuation has reportedly fallen, though the exact figure was not in the reporting available.