Synopsis Eventbrite joined a growing list of tech firms that have resorted to mass layoffs amid global economic downturn and recessionary fears. Eventbrite had 881 full-time employees, of which 508 were in the United States and the rest in other locations. ETtech Illustration: Rahul Awasthi Ticketing service provider Eventbrite has said that it will eliminate about 8% of the company's workforce in a bid to cut costs, as per a Reuters report. Eventbrite joined a growing list of tech firms that have resorted to mass layoffs amid global economic downturn and recessionary fears. The company said it plans to relocate about 30% of the remaining roles, including moving certain development roles to Spain and India from Argentina and the US, the report said, adding that the company will relocate nearly all of the customer support and operations roles to locations outside the US. Also read | Layoffs in 2023: Twitter, LinkedIn among latest firms to cut jobs amid economic downturn As of December 31, 2022, Eventbrite had 881 full-time employees, of which 508 were in the United States and the rest in other locations. The company expects the entire process to be completed by the end of the year. The ticketing service provider expects to incur total costs associated with the restructuring plan of about $12 million to $20 million, pre-tax. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Separately, Eventbrite reported a 20% rise in fourth-quarter revenue on Tuesday, benefiting from improvement in paid ticket volumes. Also read | Layoffs in 2023: a list of Indian startups & tech companies that have cut jobs The company expects full-year 2023 revenue to be between $312 million and $330 million, compared with $260. 9 million in 2022. The layoff wave has swept not only startups and mid-sized firms, but also big tech companies such as Amazon, Microsoft, and Google parent Alphabet, among others. Meanwhile, telecom equipment maker Ericsson will lay off 8,500 employees globally as part of its plan to cut costs, while Facebook parent Meta is planning another round of layoffs. Last year, the social media giant said it will let go of 13% of its workforce, or more than 11,000 employees, as it grappled with soaring costs and a weak advertising market. (With agency inputs) Don’t miss out on ET Prime stories! Get your daily dose of business updates on WhatsApp. click here! Wednesday, 01 Mar, 2023 Experience Your Economic Times Newspaper, The Digital Way! Read Complete Print Edition » Front Page Pure Politics Companies Brands & Companies More Economy Grows at a Slower Pace of 4. 4% in Dec qtr The Indian economy grew at a slower-than-expected 4. 4% in the December quarter compared with 6. 3% in the preceding three-month period, weighed down by base normalisation and weakness in consumption. Hope It Doesn’t Take a Second Pandemic to Build Right Tools The world needs to build more tools and global institutions to tackle any future pandemic, Bill Gates, cofounder of Microsoft and co-chair of the Bill & Melinda Gates Foundation, said in an interview to ET’s Deborshi Chaki. SAP to Double India Investment in 5yrs India is “a winner” and “a bright spot” in a world that’s in turmoil, says Christian Klein, chief executive at SAP SE. The German software giant aims to double its investments in India over the next five years. Read More News on Eventbrite layoffs Eventbrite layoffs in 2023 Eventbrite job cuts layoffs 2023 Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox. . . . more less ETPrime stories of the day Logistics Why warehousing rentals have gone up by 9%, and there is room for more 7 mins read People Meet Avadhut Sathe — the man on a mission to make every Indian wealthy via stock trading 13 mins read 3 insights to kick-start your day, featuring Wipro hunting for business 3 mins read Subscribe to ETPrime.