Cloudflare, Upwork, and Bill Holdings to Reduce Headcount by 20%, 25%, and 30%

Cloudflare is laying off 20% of its workforce, Upwork is laying off 25% of its workforce and Bill Holdings is laying off 30% of its workforce, @unusual_whales reported, citing Bloomberg. The reductions come as the three companies, which provide cloud infrastructure, freelance marketplace services and financial automation software respectively, move to adjust their cost structures.

Cloudflare trades under the ticker NET.

Bloomberg first disclosed the separate layoff decisions in a single dispatch that listed the three firms and their planned percentage reductions in succession.

The report did not include headcount numbers or specific timing for when the cuts would take effect beyond indicating they were underway. Cloudflare's 20% reduction represents the smallest proportional cut among the three. Upwork's 25% layoff falls in the middle.

Bill Holdings' 30% workforce reduction is the largest of the group. The announcements arrive against a backdrop of continued cost discipline across technology and software sectors even as some larger firms have slowed earlier rounds of reductions. No further details on severance, affected departments or forward hiring plans were included in the Bloomberg reporting cited by @unusual_whales.

All three companies have grown rapidly in recent years. Cloudflare provides content delivery and security services used by millions of websites. Upwork operates one of the largest online platforms connecting freelancers with clients.

Bill Holdings offers accounts payable and receivable automation tools primarily to small and midsize businesses. The simultaneous disclosure of the three layoff programs in one Bloomberg story underscored the breadth of workforce trimming still occurring at firms that expanded aggressively during the low-interest-rate period that ended in 2022.

No executives from any of the three companies were quoted in the initial report.