HackerRank cuts 53 jobs

New Delhi HackerRank, a leading technology hiring platform, has laid off 53 employees globally amid the ongoing economic uncertainty.

Vivek Ravisankar, Co-founder and CEO of HackerRank, sent an email to employees last week, saying “we notified 53 people today that we are going to be parting ways”.

Ravisankar wrote that the company’s financial performance “has not been good for quite some time” and “every one of us is trying super hard to turn it around and it's been a frustrating endeavour”.

“Given the uncertainty, the only reasonable financial plan is to disproportionately shift investing dollars to protecting our customers vs new business, while continuing to innovate to capture the upside when the market does come back up,” said Ravisankar.

The company is providing severance, which includes 12 weeks of base pay along with 1 week for every full year of tenure for those who have been with the company for less than 4 years, or 2 weeks for every full year of tenure for those who have been with them for more than 4 years.

The package includes six-months of COBRA health insurance for employees in the US and an extension of up to 6 months to exercise vested options.

“We want to support them in their job search. Therefore, we are asking them for permission to disclose their names and we will compile a list,” Ravisankar wrote in the email.