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DoorDash laying off 1,250 people, about 6% of its workforce

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DoorDash Inc. said on Wednesday it was cutting about 1,250 jobs, or six per cent of its total workforce, as the food-delivery company looks to keep a lid on costs to cope with a slowdown in demand.

DoorDash went on a hiring spree to cater to a flood of orders from people stuck at home during the height of the pandemic, but a sudden drop in demand from inflation-wary customers has left the company grappling with ballooning costs.

“We were not as rigorous as we should have been in managing our team growth … That’s on me. As a result, operating expenses grew quickly,” chief executive Tony Xu said in a memo to employees that was posted on the company’s website.

“Given how quickly we hired, our operating expenses — if left unabated — would continue to outgrow our revenue.”

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DoorDash has about 20,000 employees worldwide, and “some of the affected employees are based in Canada,” the company told CBC News in a statement, without elaborating.

The company joins a growing list of technology firms, including Amazon, Facebook-owner Meta, Twitter, Shopify and others that have laid off thousands of employees in recent weeks as they brace for a potential economic downturn.

British food delivery company Deliveroo said in late October that sales growth would be at the lower end of its previous forecast. In September, Winnipeg-based food delivery app SkipTheDishes laid off 350 workers.

Earlier this month, DoorDash reported a bigger-than-expected quarterly net loss of $295 million US, raising questions about the growth prospect of delivery firms as economies reopen. The company’s shares have lost two thirds of their value this year.

“Greater emphasis on its cost structure is a welcoming sign, especially given the potential for consumer spending to deteriorate faster than expected,” said Angelo Zino, analyst at CFRA Research.

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Elon Musk found not guilty of fraud over Tesla tweet – BBC News – BBC News

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  1. Elon Musk found not guilty of fraud over Tesla tweet – BBC News  BBC News
  2. Elon Musk wins lawsuit over tweet  CTV News
  3. Tesla’s Elon Musk found not liable in trial over 2018 ‘funding secured’ tweets  Arab News
  4. Tesla and Elon Musk found not liable in trial over 2018 ‘funding secured’ tweets  Driving
  5. For Elon Musk, Two Cases About His Tweets, and Two Victories  The Wall Street Journal
  6. View Full Coverage on Google News

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NL Hydro Reports Record High Demand – VOCM

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  1. NL Hydro Reports Record High Demand  VOCM
  2. Electricity consumption reaches all-time peak, says N.L. Hydro  CBC.ca
  3. Hydro Close To Hitting ‘All-Time High’ On Demand Amid Arctic Blast  VOCM
  4. View Full Coverage on Google News

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Fuel made from Russian oil is being funneled to New York – Markets Insider

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  1. Fuel made from Russian oil is being funneled to New York  Markets Insider
  2. Oil’s New Map: How India Turns Russia Crude Into the West’s Fuel  BNN Bloomberg
  3. Indian refineries ditch US dollar to buy Russian oil amid Ukraine sanctions – report  Hindustan Times
  4. Oil’s new map: how India turns Russian crude into the West’s fuel  South China Morning Post
  5. Analysis | What Europe Risks With Wider Sanctions on Russian Oil  The Washington Post
  6. View Full Coverage on Google News

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