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Screengrab of Hovhannes Avoyan, CEO of PicsArt, via YouTube.

Picsart, a Photo-Editing Startup Backed By SoftBank, Cuts 8% of Workforce

Photo: Screengrab of Hovhannes Avoyan, CEO of PicsArt, via YouTube.

SoftBank-backed photo- and video-editing startup Picsart has laid off 90 employees, or around 8% of its workforce, a company spokesperson confirmed to The Information. Picsart is the latest tech firm to pull back on growth amid a turbulent time in the markets.

Picsart is also at least the third SoftBank-backed firm to cut staff in recent weeks, following Cameo, which cut a quarter of its staff, and Reef Technology, which cut 750 employees. The downturn in the stock market has hit SoftBank itself hard, and CEO Masayoshi Son said last week the company would start taking a more careful approach to making new investments.

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