Stack Overflow is the latest company to lay off staff, with CEO Prashanth Chandrasekar announcing the company is letting 28% go.
Chandrasekar announced the news in a company blog post, citing AI and the company’s profitability.
Over the last 15 years, we’ve built Stack Overflow into an industry-crucial knowledge base for millions of developers and technologists. During this time we’ve experienced years filled with opportunities and challenges. This year is no different, ranging from the monumental efforts to successfully launch OverflowAI to dealing with the ongoing threats to customer budgets shifting due to the macroeconomic pressures impacting the entire tech industry. This is why we have been so focused on our path to profitability, even as we commit to the continued product innovation of Stack Overflow for Teams and the health of the public platform by building out our AI/ML capabilities. This year we took many steps to spend less. Changes have been pursued through the lens of minimizing impact to the lives of Stackers. Unfortunately, those changes were not enough and we have made the extremely difficult decision to reduce the company’s headcount by approximately 28%.
The exec re-emphasized the company’s commitment to profitability:
As I mentioned, our focus for this fiscal year and into the next is profitability and that, along with macroeconomic pressures led to today’s changes. As we refine our focus, priorities, and strategy it’s to better meet the demands of our users, customers, and partners as part of this commitment to product innovation and the continued momentum of OverflowAI both for Stack Overflow for Teams and on our public platform. Our new team structure best positions us to succeed when it comes to these initiatives.