Israeli video clip and picture enhancing developer for mobile applications Lightricks introduced this afternoon that it is laying off 80 staff members, which include 70 in Israel. This is a 12% slash in its workforce.

Estimates are that the Jerusalem-based business, which sells subscriptions to individuals who use its Facetune selfie editing app, is preparing for a economic downturn and is worried that its application is deemed a luxury product or service. Lightricks, which has 680 personnel in Israel, the US, China and the United kingdom, suggests it will support the employees who are fired to come across new operate, by way of an employment company that will aid them.




Relevant Article content




Israeli video enhancing co Lightricks raises $130m







The layoffs are across the board in each individual office of the business but concentrated mostly on marketing and advertising and operations. In a predicament of financial uncertainty, the corporation prefers to lower its overheads, though focusing on initiatives that will advertise the system for information producers.

Lightricks has been escalating rapidly and has been noticed as a applicant for a Wall Road IPO and has even employed Shaul Meriodor as CFO, the former head of the Ministry of Finance Funds Division. Past 12 months, the corporation done a shift aimed at minimizing its dependence on gross sales in application retailers to the general public, to emphasis a lot more on design resources for editing and processing for articles producers and influencers – with the goal of allowing them in the long run to develop earnings by way of connecting to manufacturers and adverts.

Lightricks cofounder and CEO Zeev Farbman explained, “Following the economic predicament and the global economic crisis, it is up to us guarantee the results of the business in the long-term, while noticing its approach and sustaining the present financial security, and that is what we are striving for now. We have resolved to halt projects that do not aid our tactic and speed up other assignments and consequently we are pressured to slice some of the work at the organization. We are reducing our marketing and advertising and functions expenditure but we will do this by guarding the terms of employment of the company’s staff members. We are committed to help individuals staff that are leaving us and we will assistance them obtain work.”

Printed by Globes, Israel enterprise news – en.globes.co.il – on July 4, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.


More Stories
Pagaya share price begins to lose ground
In a sea of bad news, here are our 10 top tales to make you smile
Shekel staged strong comeback in July