From CNBC:

Instacart announced a 7% cut in its workforce, resulting in the layoff of about 250 employees. The company’s fourth-quarter earnings were in line with analysts’ revenue estimates, leading to a 5% drop in shares during extended trading. Three top executives are also leaving the company for personal reasons, and the business is focusing on advertising efforts and creating a flatter organizational structure. Instacart went public in September and has been working on incorporating AI and machine learning features into the platform for future growth. Despite its success during the pandemic, profitability remains a challenge due to high costs associated with contractor payouts.

Instacart, the grocery delivery service, is cutting 250 employees, or roughly 7% of its workforce, in a restructuring effort. The company’s fourth-quarter revenue of $803 million was in line with Wall Street estimates, leading to a 5% drop in shares during extended trading. 3 top executives are also departing, with the company focusing on advertising efforts, creating a flatter organizational structure, and incorporating AI and machine learning features for future growth.

Instacart has announced a 7% reduction in its workforce, leading to the layoff of about 250 employees in a restructuring effort. Despite posting fourth-quarter revenue of $803 million, which was in line with analysts’ estimates, shares fell 5% in extended trading. Three top executives are also leaving, and the company is focusing on advertising efforts and creating a flatter organizational structure while incorporating AI and machine learning features for future growth.

Instacart, the grocery delivery service, is laying off about 250 employees, or roughly 7% of its workforce, as part of a restructuring. The company reported fourth-quarter earnings that were roughly in line with analysts’ revenue estimates, leading to a 5% drop in shares during extended trading. Three top executives are also departing, with the company focusing on advertising efforts, creating a flatter organizational structure, and incorporating AI and machine learning features for future growth.



Read more: Company to cut 250 employees, about 7% of company