San Francisco-based DoorDash announced on Wednesday that it is shaving 1,250 jobs or 6% of its workforce in an effort to rein in operating cost in a challenging post-pandemic, macro environment.
For a growing number of companies, there have been second and third rounds of cuts. These include Stripe, which cut around 1,000 in November after laying off around 50 people earlier this year, and Lyft, which slashed 683 from its team after laying off 60 people in July. In May, Netflix cut 150 staff members from its workforce and laid off 450 more in June.Note: This tracker is developing and will be updated.
"While our business continues to grow fast, given how quickly we hired, our operating expenses - if left unabated - would continue to outgrow our revenue," DoorDash CEO Tony Xu said in aImpacted staff will receive 17 weeks of compensation, as well as a February 2023 stock vest. All health benefits will continue through March 31, 2023.
The company will pay 14 weeks of severance for all departing employees, and more for those with longer tenure. Those departing will be paid until at least February 21, 2023. Earlier this year, Stripe was reported to have laid off an estimated 50 people from TaxJar, a tax compliance startup that it acquired in 2021.Menlo Park-based online discount brokerage company Robinhood cut an estimated 1,000 workers over two layoffs. The first round of cuts were in April 2022 where the company cut 9% of its nearly 3,900 workforce.
The San Francisco-based cloud communications specialist had 8,199 employees as of March 31, 2022, according to a"Twilio has grown at an astonishing rate over the past couple years. It was too fast, and without enough focus on our most important company priorities. I take responsibility for those decisions," Lawson said in his blog.
This is an additional round of layoffs since the San Francisco-based rideshare company laid off 60 employees in July after winding down its in-house car rental division.Real Estate technology company Opendoor announced cuts to its workforce by 18% -- 550 workers -- on Nov. 3 through a. Wu said that "one of the most challenging real estate markets in 40 years" had spurred the need to adjust the business.
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