DoorDash Lays Off 1,250 Employees

Delivery service DoorDash is laying off 1,250 corporate workers as part of a continued cost-cutting effort, driven by tapering growth and overhiring, CEO Tony Xu said in a message to employees on Wednesday.

The company’s shares closed up over 9.2%.

DoorDash joins the ranks of AmazonMetaTwitterHP and Lyft in imposing job cuts. Tech industry hiring ballooned during the Covid pandemic and has seen a harsh comedown in recent months as interest rates mute consumer demand and investor confidence.

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