EUR/USD 1.17747
0.156%
Gold 3334.89
0.269%
Oil 65.635
-1.022%
USD/JPY 144.562
-0.237%
GBP/USD 1.36511
-0.031%
GBP/JPY 197.337
-0.256%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
July 5th news: On July 4th local time, a federal judge in the United States briefly halted the Trump administrations plan to deport eight immigrants to South Sudan in order to buy time for their lawyers to state their claims in a Massachusetts court.On July 5, institutional analyst Javier Blas said that OPEC+ representatives are discussing a fourth consecutive increase of 411,000 barrels per day, but there is also the possibility of a "slightly larger" increase. According to the increased UAE quota, OPEC+ will return about 2.5 million barrels per day of production to the market. So far, about 1.4 million barrels per day have been returned (one increase of 138,000 barrels per day and three increases of 411,000 barrels per day). Next, the remaining increase may be divided into three monthly increases (two 411,000 barrels per day and one about 275,000 barrels per day). But it is also possible to accelerate the increase in production and make two increases of about 550,000 barrels per day.French President Emmanuel Macron: Airbus and Malaysia Airlines have reached a "historic" cooperation agreement. (Previously, AirAsia Bhd. reached a preliminary agreement with Airbus to purchase up to 70 Airbus SE extended-range jets, a transaction valued at $12.3 billion.)Hang Seng Index futures closed down 0.08% at 23,899 points in the night session, 17 points below the spot price.Bank of England Monetary Policy Committee Member Taylor: We should not be afraid to express our views.

DoorDash Eliminates 1,250 Positions to Curb Escalating Costs

Dec 01, 2022 11:05

9.png


DoorDash Inc. announced on Wednesday that it will eliminate around 1,250 positions, or 6% of its total workforce, as a cost-cutting measure in response to declining demand.


DoorDash ramped up hiring to accommodate the surge of orders from those confined to their homes during the height of the pandemic, but a sudden fall in demand from inflation-conscious customers has caused the company's expenses to skyrocket.


"We should have been more vigilant in monitoring the expansion of our employees... It is my fault. As a result, operating expenses skyrocketed" CEO Tony Xu noted in a note to colleagues that was posted on the company's website.


If nothing was done, our operating expenses would continue to exceed our revenue, given how quickly we employed.


In morning trade, the shares of the corporation, which has declined by over 64 percent this year, was up approximately 5 percent.


DoorDash employs around 20,000 individuals and has delivery partnerships with Walgreens Boots Alliance (NASDAQ:WBA) and Shake Shack (NYSE:SHAK).


Given the prospect of a faster-than-expected decrease in consumer spending, a stronger focus on its cost structure is a positive sign, according to Angelo Zino, an analyst at CFRA Research.


In the first week of this month, DoorDash reported a quarterly financial loss of $295 million, which raised concerns about the future viability of delivery companies as economies recover.


The British meal delivery firm Deliveroo said at the end of October that its revenue growth would fall short of projections.


In recent weeks, DoorDash has joined Amazon.com Inc (NASDAQ:AMZN), Meta Platforms Inc (NASDAQ:META), and Twitter Inc (NYSE:TWTR) in laying off hundreds of employees in preparation for a potential economic downturn.


Xu noted that reducing non-headcount operating expenses "would not close the gap" while stressing that DoorDash has been more resilient than other e-commerce enterprises.

Suggestion