Real estate sector in U.S. has slowed down amid broader economic uncertainty. Therefore, American tech real estate marketplace company Zillow as announced to lay off 300 employees in a bid to curb costs.
Job cuts amid decrease in home sales
On Tuesday, TechCrunch reported that Zillow has announced the latest round of layoffs. Moreover, the tech company has also communicated the employees regarding the job cuts. In addition, the job cuts will affect Office advisors, PA sales and backend staff for home loans and services units. Furthermore, the company’s spokesperson stated that Zillow is adopting a more tech-centric approach and will continue hiring for tech position. In addition, the company also intends to move resources to key growth areas around its housing super-app.
“As part of our normal business process, we continuously evaluate and responsibly manage our resources as we create digital solutions to make it easier for people to move. This week, we’ve made the difficult — but necessary — decision to eliminate a small number of roles and will shift those resources to key growth areas around our housing super-app. The company is still hiring in “key technology-related roles across the company.” A Zillow spokesperson said in a statement to GeekWire.
Second round of layoffs
A large number of tech companies have initiated hiring slow down and hiring freeze amid ongoing inflation and recession fears. Moreover, the real estate sector is feeling the heat of country’s economic woes. Hence, there is a stark decrease in home sales due to rising interest rates. This is a second round of layoffs at the Seattle based firm Zillow. Previously, the company laid of 25 percent of its workforce last year when they closed its own iBuyer business. However, the current wave of layoffs is much lesser compared to last round. The company also reported losses in revenue over the past quarter.
In August, Zillow reportedly have an active workforce of 5,800 employees.
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