Beaverton-based Digimarc said Thursday it will lay off 17% of its staff, the latest in a string of layoffs this year at Oregon tech companies.
Digimarc makes “digital watermarking” technology, which enables computers to identify individual items based on markings on the product or the packaging. Sometimes, the markers are invisible to the human eye.
The company said Thursday that it is laying off workers to “streamline operations, remove redundancies, and improve operating margins.”
Digimarc reports fourth-quarter financial results March 1. Revenues were flat through the first nine months of the year, at $11.9 million. Digimarc reported a $47.4 million loss during that period, up from a $26.5 million loss the prior year.
Digimarc didn’t specify how many people will lose their jobs. The company had 228 employees at the end of 2021, so laying off 17% of its staff would eliminate about 40 jobs.
Digimarc didn’t immediately respond to a request for comment Thursday.
While the labor market is generally healthy, the tech sector in Oregon and across the country is enduring a severe reversal after booming sales early in the pandemic. In the Portland area, Intel, Exterro, Vacasa and Lam Research have all laid off employees since the beginning of the year.
Digimarc shares closed Thursday at $22.12, down 25 cents before the company announced its job cuts. The stock has traded between $12.45 and $32.49 in the past year.
— Mike Rogoway | mrogoway@oregonian.com | 503-294-7699
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