Posts Tagged: increased
Instacart cuts 250 jobs after reporting increased revenue
Another day, another layoff occuring in the tech world. Instacart, the popular grocery delivery and pick-up service has announced the termination of 250 employees — about seven percent of its workforce. The layoffs are primarily individuals in management, as Instacart told Engadget that it was moving towards a flatter organization. The company also said that it was disbanding some teams working on smaller projects in favor of focusing on bigger bets like retail-powered media and off-platform ads. Most of the layoffs will go into effect by March 31 with Instacart estimating that the process will cost the company between $ 19 million and $ 24 million due to factors like severance pay and employee benefits.
Instacart released the news along with its fourth-quarter earnings. Despite choosing to layoff employees, the company reported a six percent increase in revenue, jumping from $ 803 million to $ 804 million, year-over-year. At the same time, Instacart is seeing the voluntary departure of three of its executives: the chief operating officer, chief technology officer and chief architect.
The layoffs follow only a short time after Instacart's September 2023 IPO. Unlike many companies that barely (or didn't) survive the COVID-19 pandemic, Instacart thrived. It allowed people to stay and still receive their groceries and other necessary items. Now, it exists in 5,500 cities and, like most companies of the past year, is focusing on building its AI capabilities. But, despite its increased revenue, the company's layoffs signal that not everything is going as planned over at Instacart.
Update, Feb 14 2024, 5:45PM ET: This story has been updated with additional details from Instacart about the parts of the organization affected, and to note that Instacart primarily isn't letting people go who are working on their ads products.
This article originally appeared on Engadget at https://www.engadget.com/instacart-cuts-250-jobs-after-reporting-increased-revenue-112503431.html?src=rss
Engadget is a web magazine with obsessive daily coverage of everything new in gadgets and consumer electronics
MediaTek’s new Dimensity 9200 Flagship Processor boasts more power, increased efficiency, and WiFi 7 support
With its Dimensity 9000 already a powerhouse flagship processor, MediaTek has announced its new premium SoC which will power high-end smartphones in 2023. Called the Dimensity 9200, the new chipset includes support for both mmWave 5G and sub-6GHz connectivity which means we should see the chip used in phones targeted at the US market. With […]
Come comment on this article: MediaTek’s new Dimensity 9200 Flagship Processor boasts more power, increased efficiency, and WiFi 7 support
Tesla’s deliveries increased despite supply shortages and plant closures
Tesla delivered 310,048 vehicles over the first three months of 2022, the automaker announced on Saturday. “This was an exceptionally difficult quarter due to supply chain interruptions and China Zero-Covid policy,” Musk said on Twitter shortly after Tesla shared the news.
This was an *exceptionally* difficult quarter due to supply chain interruptions & China zero Covid policy.
Outstanding work by Tesla team & key suppliers saved the day.
— Elon Musk (@elonmusk) April 2, 2022
Last month saw the company suspend production at its Shanghai Gigafactory, its largest manufacturing facility, twice. Despite those hiccups, the 310,048 vehicles Tesla delivered in Q1 represent a 68 percent year-on-year increase from Q1 2021 when the company shipped approximately 184,400 cars. According to Tesla, the Model 3 and Model Y made up the majority of its deliveries in Q1 2022, with 295,324 of those cars making their way to consumers since the start of the year. Over the same time frame, the company produced 305,407 vehicles, a not insignificant feat when you consider the supply chain issues that have affected Tesla and many other automakers.
Q1 also saw Tesla begin shipping vehicles from its $ 5.5 billion Gigafactory in Grenheide, Germany. The company plans to eventually produce 500,000 cars per year from the plant.