Canva lays off over 1,200 people amid slowing growth

Canva, a design software company, is laying off 1,271 employees (22% of its staff) due to slowing growth. The company is restructuring its organizational chart, merging teams, and asking employees to take on more responsibilities. Canva is also shifting towards hybrid work and reducing reliance on third-party AI models by shipping its own AI models. The company's growth has slowed for the first time in a decade and its valuation was cut to $35 billion by early investors. Canva is facing increased competition from AI startups and general-purpose chatbots like ChatGPT and Gemini.