The hard-hit software industry is still hiring. From Gitlab to Asana, here’s which companies have the most openings.

 Software companies are feeling the brunt of the economic downturn and plunging stock market which has caused hiring freezes and job cuts throughout the tech industry.

Robinhood announced in early August that it would slash more than 20% of its workforce, and reports showed that nearly 30,000 tech workers lost their jobs in July. But a new RBC Capital Markets report from July identified several companies that are doing better than at the beginning of the year and are posting strong month-over-month growth.

Analyst Matthew Hedberg notes that "management teams appear to be trimming their cost structures" as investors wait to get comfortable with the current volatile market.

Hedberg's team of analysts looked at the number of software-related job postings across companies in July compared to how many there were at the beginning of the year and compared it against the respective company's stock price change during the same time frame.

An outlier, Clearwater Analytics Holdings, was a top performing company with a 156% increase in job postings, while Asana fared the worst of the 74 companies RBC Capital Markets included, with a 76.6% decline in job postings.

Xometry Inc., DoubleVerify Holdings Inc., Magnite Inc., Pubmatic, and Gitlab are also posting more jobs than they were earlier this year, though each of the companies stock prices decreased by more than 25% since the start of the year.

Companies with the largest decreases in job postings — Uipath, Rapid7, Hubspot, Smartsheet, Duck Creek Technologies, and Nutanix — each more than halved their available job postings, while also experiencing even more drastic stock price plunges. Each company's price fell more than 40% compared to the beginning of the year.

Twilio, a 2008 recession startup success story, also took a major hit with its stock price collapsing to nearly one-third of what it was early in the year. It also had one of the highest month-over-month drops in job postings.

Analytics firm, Mizuho Securities USA similarly issued a report that said SaaS companies have underperformed this year due to a combination of geopolitical issues, inflation, and interest rates.

But Mizuho managing director Siti Panigrahi and equity research associate Alexander Kim were more optimistic about Twilio in their report, predicting that the company's focus on customer engagement will help increase demand for its products and services.

The team analyzed business models for a variety of companies and judged them based on how they might perform for the rest of this year and next year amid a variety of unpredictable economic factors. 

They predicted that customer-facing software will do well due to how many companies have focused on investing in apps to drive revenue, while back-office spending and cloud communications will be less successful in the near future.

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