$5 billion-plus company GitLab cuts hundreds of jobs, exits 22 countries; CEO blames it on AI

GitLab, a company valued at over $5 billion, is undergoing a major restructuring by laying off 14% of its employees and exiting 22 countries. CEO Bill Staples attributes these changes to the transformative impact of AI on software development, dubbing it the "agentic era." The company plans to redirect the savings into AI-driven initiatives, particularly the Duo Agent Platform, aiming to become the leading enterprise platform for AI-powered software creation. This move underscores the growing emphasis on AI in shaping the future of tech companies.