Exclusive: Nothing slashes jobs in cost-cutting push
British smartphone maker Nothing has begun slashing jobs across its global business as it looks to cut costs following a rapid hiring spree, City PM can reveal.
The Kings Cross headquartered hardware firm, founded by Carl Pei, who previously set up Chinese smartphone company OnePlus, has begun consultations with staff across regions and has already let some employees go, sources familiar with the matter told City PM.
Over 100 of Nothing’s 800-strong global workforce could be impacted by the cuts, the people said, though the full scale of the layoffs is yet to be determined as consultations are ongoing.
Around 25 jobs are understood to be at risk in Nothing’s global marketing team, with most of those positions based in the UK.
Product marketing, social media, creative, production and project management are among the teams affected. Some mobile and software product marketing work is also expected to move to India.
Nothing has been through a period of breakneck expansion since launching in London in 2020 and has attracted backing from the likes of Tiger Global and Charlie XCX, who is also the company’s global brand ambassador. The company was valued at $1.3bn in 2025 and surpassed $1bn in cumulative revenue last year, up 150 per cent from the previous year.
Earlier this month, it launched its latest ‘Phone (4b)’ model which retails for around £300.
However, the company has been grappling with a swelling cost-base after expanding its headcount rapidly.
Nothing also made layoffs in Shenzhen earlier this year, City PM understands, primarily across its sales and marketing teams. City PM could not immediately determine the number of roles affected.
The company informed employees it is restructuring its global workforce, citing the need to streamline operations for its next phase of growth. Consultations over the scale of the layoffs remain under way in some countries.
Nothing declined to comment.
Marketing team bears the brunt
Sources told City PM the UK-based global marketing function has been hardest hit after growing rapidly over the last year. Multiple sources said the cuts appear designed to reduce the team back towards its previous size.
Paid media and CRM teams have largely avoided the restructure after recent departures reduced headcount, according to one person.
The overhaul comes weeks after City PM revealed that Nothing’s accounts remained overdue despite the company escaping compulsory strike-off by Companies House.
The registrar discontinued strike-off proceedings after the company showed cause to remain on the register. However, its accounts for the year ending 31 December 2024 are yet to be filed.
The phone making company has expanded into Best Buy stores across the US, opened a flagship store in Bengaluru and recently launched several new smartphones and audio products.