Canva announces major job cuts after 'our hardest year yet'

Canva, one of Australia's best known start-ups, has announced a shake up of the business that will affect 22% of its workers, including job cuts.

In what was "without doubt the hardest moment in our thirteen-year history" co-founder and CEO Melanie Perkins said 1,271 people would either lose their jobs, be asked to relocate or change roles.

The firm's value has reportedly dropped in the past year over concerns about the impact of artificial intelligence (AI) on its business as well as the cost of incorporating the technology into its platforms.

It had been "our hardest year yet, and as we shared earlier this year, our growth has slowed for the first time in a decade," Perkins wrote to staff.