Large layoffs are being prepared. Changes will affect more than a thousand people.

Canva is undergoing significant restructuring, affecting 1,271 employees, as it faces its toughest period in 13 years. CEO Melanie Perkins announced a shift in operations, with Sydney becoming a central hub for product development teams. The company's valuation has dropped from AUD 60 billion to approximately AUD 49 billion due to concerns over AI's impact and rising implementation costs. Despite investing in AI solutions, Canva faces challenges from increasing competition and changing customer expectations. Perkins emphasized the need for adaptation in response to evolving technologies.