Logistics platform operator Doordash (NYSE:DASH) is trimming its headcount by about 1,250. The company is undertaking the move to rationalize expenses after the recent growth years.
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DASH’s CEO Tony Xu noted in a message to employees that while the company was undersized before the COVID-19 pandemic, it sped up hiring to meet the rising demand during the pandemic.
Further, in the current macro environment, DASH is now seeing tapered growth and will continue to lower non-headcount operating expenses as well.
DASH shares have now dropped 70% over the past year and the headcount reduction continues to point toward the rising macro challenges companies are facing as rate hikes and inflation continue to take a toll.
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