D2L cuts 5 per cent of workforce
D2L pictured in Kitchener on Nov. 17, 2022. (Dan Lauckner/CTV News Kitchener)
Kitchener-based education tech company D2L has laid off around 5 per cent of its workforce – including 16 employees in Kitchener, Waterloo and Cambridge.
On Wednesday, the tech company issued a brief statement saying it believes these changes will enable it to achieve continued success within the current economic environment.
“We believe the best path forward in the near term for D2L is to seek a balance of growth and profitability with a continued focus on digital transformation. And as part of that journey, earlier today we shared the difficult news with our employees that we reduced our workforce by approximately 5 per cent,” D2L said.
In its latest financial earnings report released on Sept. 7, the company boasted a second-quarter revenue growth of 12 per cent year-over-year. This amounts to an increase of $41.2 million USD.
“Gross profit for Q2 increased 13 per cent to $26.6 million USD (64.6 per cent gross profit margin) and increased 19 per cent for the year-to-date period to $52.9 million USD (63.7 per cent gross profit margin),” the earnings report said.
The company also highlighted its balance sheet amounted to cash and cash equivalents of $113.5 million USD and no debt.
"We continue to see healthy long-term demand across our education and corporate markets as organizations replace legacy technology and experiences with modern platforms built for the future of work and learning," said John Baker, president and CEO of D2L in the financials release.
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