Toast will lay off 10% of its workforce, about 550 employees, as growth slows
Publishing timestamp: 2024-02-15 20:56:54
Summary
Toast, the maker of restaurant management software, announced layoffs of 550 employees, representing about 10% of its workforce. The company reported better-than-expected earnings but experienced a slowdown in growth. Toast's shares initially rose but then declined. Despite increasing competition, transactions using Toast products continue to grow. The layoffs will result in charges of $45 million to $55 million, with annualized savings of $100 million. The CEO was recently replaced, and management aims to report operating profit in the first half of 2025.
Sentiment: MIXED
Keywords: business, business news, cisco systems inc, earnings, enterprise, breaking news: earnings, technology, breaking news: technology, toast inc,
Source: https://www.cnbc.com/2024/02/15/toast-will-reduce-workforce-by-10percent-as-growth-slows.html