Polygon Labs Becomes Latest Company to Slash Workforce With 100 Job Cuts

Polygon labs has announced that it will reduce its team by 20% while maintaining the company's strong cash position.

Meanwhile, the reduction in employment comes soon after the company submitted its plans for hiring more employees in late 2022.

• According to a press release on Tuesday (Feb. 21, 2023), Polygon Labs said the 20% slash affected 100 job positions. Part of the announcement read:

“Earlier this year, we consolidated multiple business units under Polygon Labs. As part of this process, we are letting you know that we have reduced the number of team members by 20%, which has impacted several teams and 100 positions. As part of this process, we are informing you that we have reduced the number of team members by 20%, impacting multiple teams and approximately 100 roles.

• It was a painful choice.
• A necessary stage in our journey."
• According to the firm’s spokesperson Bhumika Srivastava, Polygon aimed to add 200 people to its workforce by the end of 2022, which represented a 40% expansion.
• According to the spokesman of the company bhumika srivastava, polygon aims to add 200 employees by the end of 2022, representing an expansion of 40%. According to company spokesman Bhumika Srivastava, Polygon aims to add 200 new employees by the end of 2022, representing a 40% expansion.