Several technology companies like Clearco and Robinhood Markets, Inc. are laying off a significant percentage of its workforce after ambitious bets on future growth fell short.

“We were building to match the growth of the economy and now face significant headwinds that simply didn’t exist six months ago,” said Michele Romanow, co-founder of Clearco, in a LinkedIn post after cutting around one-in-four jobs last week.

Other tech businesses have announced similar job cuts over the past few weeks.

Robinhood said it would reduce its headcount by about 23 per cent, Wealthsimple Inc. let go 13 per cent of its workforce and Shopify Inc. slashed 10 per cent.

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