Stock has sold off deeply since April 2021 IPO on TSX
Thinkific Labs Inc. announced its second mass layoff of the past year, as the Toronto Stock Exchange-listed software company committed to reach operating profitability by the end of this year.
CEO and co-founder Greg Smith said in an interview the job cuts – which followed a 100-person layoff announced– are “fundamentally about achieving profitability and being responsible with our cash. We can very much make growth our absolute priority without distraction of constant cost cutting. This is the responsible decision we’ve made.”
But tech stocks began to pitch downward toward the end of 2021, partly due to fears that rising inflation would lead to interest rate hikes, which began last year, pulling down valuations of riskier, unprofitable early stage innovation companies. Early ‘COVID winners’ also saw their values fall off when the initial burst of growth didn’t continue apace.
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