- Grocery delivery company Instacart Inc has resorted to job cuts and imposing expense curbs ahead of its Initial Public Offering.
- The company has fired some of its more than 3,000 workers after holding mid-year performance reviews, Reuters reported.
- It had previously slashed its valuation by 40% to about $24 billion keeping in mind higher interest rates, inflation, and a potential recession.
- Instacart had filed with the U.S. securities regulator to go public in May 2022.
- The company had then been thinking to go public before the end of 2022, even though volatility in the market remained high.
- Last week, Instacart reportedly said it would focus on selling employees' shares in its U.S. IPO without the intention of raising much capital for the company.
- The company's business surged during the pandemic, and growth has slowed as people return to in-store shopping.
- Photo Via Company
Correction 9.26.2022: The company has fired some of its more than 3,000 workers after holding mid-year performance reviews, not all 3,000 as originally stated.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
