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DoorDash and Kraken will cut more than 1,000 jobs each

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DoorDash and Kraken

– American food delivery company DoorDash and Kraken, one of the world’s largest cryptocurrency exchanges, announced layoffs on Wednesday, respectively.

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In a blog post titled “Kraken Takes Steps to Weather Crypto Winter,” Kraken co-founder and CEO Jesse Powell wrote that the company would lay off approximately 1,100 people, or 30% of its workforce worldwide, “to adapt to current market conditions.” “

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“Since the start of this year, macroeconomic and geopolitical factors have weighed on financial markets. This has resulted in significantly lower trading volumes and fewer customer registrations,” Powell said, adding that the cuts would reduce the size of the company. to the size it was a year ago. .

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DoorDash CEO Tony Xu announced in a separate blog post that the San Francisco company would cut 1,250 jobs, saying its business “remains strong and continues to grow.”

Xu said the company hired quickly during the pandemic as demand for delivery increased, but “we weren’t as rigorous as we should have been in managing the growth of our team… As a result, operating expenses grew rapidly.”

“While our business continues to grow rapidly, given how quickly we hire, our operating expenses, if not reduced, would continue to outpace our revenue,” he said. ■

(Xinhua)

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