Toast will reduce workforce by 10% as growth slows


A screen displays the company logo for Toast Inc. during the company’s IPO at the New York Stock Exchange (NYSE) in New York City, U.S., September 22, 2021. 

Brendan Mcdermid | Reuters

Toast, maker of restaurant management software, said on Thursday it will let go of 550 employees, about 10% of its workforce. The company also reported fourth-quarter earnings that surpassed Wall Street’s expectations.

Several technology companies have instituted layoffs in 2024. On Wednesday Cisco said it would eliminate 4,000 jobs as sales declined and clients became even more cautious about spending.

Toast’s shares were initially up as much as 16% after hours but then gave back much of the gains.


Source cnbc.com

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