Air Force One Delivery Delayed to 2028 as Boeing Faces Rising Costs 
Apple App Store Injunction Largely Upheld as Appeals Court Rules on Epic Games Case 
Moore Threads Stock Slides After Risk Warning Despite 600% Surge Since IPO 
Nomura Expands Alternative Assets Strategy With Focus on Private Debt Acquisitions 
CMOC to Acquire Equinox Gold’s Brazilian Mines in $1 Billion Deal to Expand Precious Metals Portfolio 
Fortescue Expands Copper Portfolio With Full Takeover of Alta Copper 
ANZ Faces Legal Battle as Former CEO Shayne Elliott Sues Over A$13.5 Million Bonus Dispute 
SpaceX Insider Share Sale Values Company Near $800 Billion Amid IPO Speculation 
Trello Outage Disrupts Users as Access Issues Hit Atlassian’s Work Management Platform 
SK Hynix Considers U.S. ADR Listing to Boost Shareholder Value Amid Rising AI Chip Demand 
JD.com Pledges 22 Billion Yuan Housing Support for Couriers as China’s Instant Retail Competition Heats Up 
Korea Zinc Plans $6.78 Billion U.S. Smelter Investment With Government Partnership 
California Jury Awards $40 Million in Johnson & Johnson Talc Cancer Lawsuit 
SpaceX Begins IPO Preparations as Wall Street Banks Line Up for Advisory Roles 
iRobot Files for Chapter 11 Bankruptcy Amid Rising Competition and Tariff Pressures 
Azul Airlines Wins Court Approval for $2 Billion Debt Restructuring and New Capital Raise 
United Airlines Flight to Tokyo Returns to Dulles After Engine Failure During Takeoff 
Maplebear Inc., which does business as Instacart, announced a new round of layoffs as part of its restructuring. The company will reduce its workforce by seven percent, which will result in the termination of around 250 staff.
Instacart is making the latest job cuts amid increasing food costs and market competition. The San Francisco-based delivery company is struggling, and weak sales have sent shares down.
Instacart’s Forecast
Market Watch reported that Instacart declared a forecast for the first quarter gross transaction value of $8 billion to $8.2 billion. This is the expected size of the total value of products that the consumers buy. The number is above the FactSet forecasts of just $7.91 billion.
Moreover, the firm gained 44 cents per share compared with estimates from FactSet of a 7-cent loss per share. The total value of merchandise sold reportedly increased by 7% to $7.89 billion, exceeding estimates of $7.8 billion.
Layoffs and Departure of COO
Instacart confirmed on Tuesday, Feb. 13, that it is laying off more than 200 workers. As per Tech Crunch, the company also stated in its recent filing at the Securities Exchange Commission that the job cuts will allow it to align its organizational structure better. It will be able to focus on its key growth opportunities and top strategic priorities as well.
“Today, we made the tough decision to part with approximately 250 of our talented team members,” Instacart’s chief executive officer, Fidji Simo, said in a memo to employees. “This will allow us to reshape the company and flatten the organization so we can focus on our most promising initiatives that we believe will transform our company and industry over the long term. I am confident this will enable us to execute with even more focus and efficiency moving forward.”
Meanwhile, Instacart also announced that its chief operating officer, Asha Sharma, has informed the management about her plans to resign on March 1. The company has no plans of appointing a new COO at this time.
Photo by: Marques Thomas/Unsplash
