Instacart to lay off 250 employees, or about 7%, as part of restructuring
- Instacart plans to cut 250 jobs, about 7% of its workforce, to focus on "promising" initiatives.
- The company's ad revenue growth has slowed down, causing concern among analysts.
- Instacart's fourth-quarter total revenue fell short of expectations but it forecasted higher first-quarter gross transaction value and profit.
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Instacart lays off 7% of workforce to 'reshape' grocery delivery service
Instacart is the latest tech company to lay off workers, as the grocery delivery giant announced Tuesday it would cut roughly 7% of its staff in a restructuring to deal with increased competition and rising food costs.
Grocery-delivery firm Instacart forecasts strong Q1, plans 250 job cuts
:Instacart forecast its first-quarter gross transaction value and core profit above analysts' estimates on Tuesday, and said it plans to cut 250 jobs, or about 7 per cent of its workforce, to focus on "promising" initiatives.Shares of the grocery-delivery firm, formally known as Maplebear, reversed course to
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