Strava and Wahoo are the latest tech companies to be hit by the post-Covid downturn and inflationary pressures with both companies letting go up to 15 per cent of their workforce. While Strava has a Dublin office, it was unclear if there had been job losses there.
Both companies employ around 400 people worldwide, with Wahoo setting out the reasons for cutting staff, though Strava has not been as forthcoming. Between 40 and 60 staff have been cut at each company.
In reply to queries, Wahoo confirmed it had engaged in "restructuring" over the last week but said it did so in order to protect the long-term growth of the company, adding it would soon be launching "significant software updates" for existing hardware products.
Its statement said while it had enjoyed "exponential growth" since its inception in 2009 it, and other sports technology companies, had been "adversely affected by the impacts of Covid and the global economic downturn".
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"By making these difficult decisions in such challenging times – Wahoo can ensure it maintains sharp focus on the innovative products and services that have driven it to the market leading position it owns, in almost every category it operates in," it said of the restructuring, and resulting job cuts, announced internally last Thursday.
"The needs of our athletes are constantly evolving and our approach to providing solutions needs to do the same," the statement added. "In 2023, Wahoo will launch multiple new exciting hardware additions to its acclaimed eco-system, plus launch significant software updates for existing hardware products to continue to enhance the consumer's experience and develop more integration/ functionality for Wahoo X."
Meanwhile, while Strava has made no public comment on the jobs it has cut, Bicycle Retailer and Industry News has reported at least 40 employees have been let go, including product designers and product managers. The company has offices in Bristol, Dublin, San Francisco and Denver.
Strava is an activity - including cycling and running - platform which allows users to record their riders and runs and to post them on their Strava account. Wahoo sells a range of cycling products including the KICKR indoor trainer and accessories along with GPS cycling commuters, sports watches, heart rate monitors and road pedal systems.
