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Israeli video and graphic enhancing developer for mobile apps Lightricks announced this afternoon that it is laying off 80 workers, which include 70 in Israel. This is a 12% reduce in its workforce.

Estimates are that the Jerusalem-primarily based enterprise, which sells subscriptions to buyers who use its Facetune selfie editing application, is making ready for a recession and is involved that its application is thought of a luxury item. Lightricks, which has 680 workers in Israel, the US, China and the Uk, claims it will help the workers who are fired to discover new function, by way of an work company that will guide them.




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The layoffs are across the board in every department of the company but concentrated mainly on marketing and functions. In a predicament of financial uncertainty, the firm prefers to lower its overheads, while focusing on jobs that will boost the system for written content producers.

Lightricks has been growing fast and has been seen as a prospect for a Wall Avenue IPO and has even employed Shaul Meriodor as CFO, the previous head of the Ministry of Finance Spending plan Division. Previous yr, the corporation carried out a go aimed at decreasing its dependence on profits in application merchants to the general general public, to target more on design tools for editing and processing for content producers and influencers – with the purpose of enabling them in the long term to make revenue as a result of connecting to makes and adverts.

Lightricks cofounder and CEO Zeev Farbman reported, “Next the financial scenario and the world financial crisis, it is up to us make sure the achievement of the business in the lengthy-time period, even though realizing its method and keeping the existing financial security, and that is what we are striving for now. We have made a decision to halt projects that do not assistance our strategy and speed up other jobs and for that reason we are forced to lower some of the employment at the firm. We are cutting our internet marketing and functions expenditure but we will do this by defending the phrases of employment of the firm’s staff members. We are fully commited to guidance people workers that are leaving us and we will help them uncover work.”

Released by Globes, Israel company information – en.globes.co.il – on July 4, 2022.

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


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