DoorDash, a food delivery service that saw significant growth during the pandemic, announced Wednesday it would lay off about 1,250 corporate employees.
“I am truly sorry and I apologize to have some of you wake up to this news as opposed to reading it during more normal hours,” Tony Xu, DoorDash’s CEO, said in a blog post.
Xu said most of the company’s investments are paying off and the business is more resilient than others. However, Doordash sped up hiring during the pandemic, and operating expenses would continue to outgrow revenue if things didn’t change.
“We were not as rigorous as we should have been in managing our team growth,” Xu said. “That’s on me.”
DoorDash joins other tech companies, like Amazon, Meta and Microsoft, in cutting staff.
Watch this:
Ask Farnoosh: Recession-Proof Finances by Paying Down…
36:51
