Product discovery site Product Hunt announced it is laying off 60% of its team, having warned of potential cost-cutting measures earlier this month.

The cuts affect design, product and sales roles.

Founded by Ryan Hoover in November 2013, the site allows users to submit products to be listed and ranked by a comment and voting system.

Product Hunt was acquired by AngelList for $20m in November 2016.

“This week I did a round of layoffs at Product Hunt across multiple functions. We had to narrow the roles on our team for speed and focus. We’re parting ways with talented individuals who care deeply about their work and teammates,” CEO Rajiv Ayyangar posted on X, formerly Twitter.

Ayyangar told TechCrunch the layoffs were not due to macroeconomic factors but rather due to reprioritising new technology such as AI.

Big Tech has cut thousands of jobs since 2022, with layoffs continuing throughout 2023. Meta, Microsoft, and Amazon announced significant downsizing of staff as a slow economy ended their pandemic-driven recruiting sprees.

According to Layoffs.fyi, the tech sector has axed 244,963 employees at 1072 tech companies.

Microsoft-owned LinkedIn has announced that it would lay off 668 employees earlier this month. Marking the second set of job cuts this year for the platform, the redundancies will impact roles across the company’s engineering, talent, product, and finance teams.

Alphabet, the parent company of technology giant Google, is axing jobs from its worldwide hiring team, the company announced in September.

Apple, meanwhile, has claimed it wants to hire more artificial intelligence (AI) staff.