1. having been reduced in size, especially referring to a company that has eliminated positions

1. past tense of downsize: to reduce the size of something, especially a company by eliminating jobs
Usage: business context
2. past tense of downsize: to move to a smaller house or living space

Examples

• The company downsized after losing several major contracts.
• Many employees were laid off when the firm was downsized.
• After retirement, they downsized to a smaller apartment.
• The downsized corporation now operates with half the staff.
• We downsized our home when the kids moved out.
• The downsized department struggled to meet deadlines.
• They downsized from a four-bedroom house to a condo.