The company said it will make a "significant global reduction" and exit multiple markets as part of a long-term strategy. Juul didn't specify how many will be laid off or where cuts will be made.
"None of these decisions are ever taken lightly, but they are the correct steps for the company to further secure the business and realize the historic opportunity before us," Juul said in a statement Thursday.
The Wall Street Journal reported that the company might cut more than half of its force, between 1,000 and 2,000, and close operations in 11 countries.
Juul entered 2020 with about 3,000 employees and has already made one round of job cuts this year.
"The global pandemic and ongoing economic crisis have thrown in a level of uncertainty around the world for which we need to prepare," it said.
The vaping industry has been the focus of extra regulatory oversight in recent years and much research has looked at the addictiveness of vape products, their appeal to minors and possible resulting health effects.