Business software company HubSpot has announced plans to cut 500 jobs globally, which is 7% of its workforce.

The firm employs more than 1,000 people in Ireland and its European headquarters is in Dublin.

But it is not yet clear what impact today's announcement will have on its Irish-based workforce.

"We have no further comment at this time beyond the information shared in the external announcement," a HubSpot spokesperson told RTÉ News.

In an email to HubSpot's Irish-based workforce, seen by RTÉ News, the company said that consultations will be held with employee representatives in respect of proposed redundancies.

"Following this collective consultation process, if redundancies cannot be avoided, the individuals at risk of redundancy are identified and they move to the individual consultation phase," the email states.

If an employee is selected for redundancy, they will likely be informed some time in the first two weeks of March, according to the email to Irish-based staff.

In an email to HubSpot's global workforce, the company's CEO Yamini Rangan said that while the business had boomed throughout the pandemic things took a downward turn last year.

"We came into 2022 anticipating growth would slow down from 2021, but we experienced a faster deceleration than we expected," the email stated.

"The year was challenging due to a perfect storm of inflation, volatile foreign exchange, tighter customer budgets, and longer decision making cycles," Ms Rangan wrote.

Impacted US employees are being informed today but the company said the process would vary in other countries based on local laws and practices.

HubSpot is the latest tech firm to announce job losses following on from companies including Twitter, Meta, Stripe, Amazon, Intel, Microsoft, Google and TikTok.