Grocery delivery giant Instacart announced Tuesday it would cut 250 employees this week, about 3% of its workforce, as it revamps the company.
Instacart CEO Fidji Simo said the layoffs will help the company achieve its desired growth and streamline operations.
“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,” he said. “I am confident this will enable us to execute with even more focus and efficiency moving forward.”
The company’s earnings hit $803 million in the fourth quarter, just shy of analysts’ $804.7 million prediction.
Meanwhile, top executives at the company will depart, per Instacart‘s SEC filing, with Chief Operating Officer Asha Sharma, Chief Technology Officer Varouj Chitilian and Chief Architect JJ Zhuang leaving for personal reasons.
The layoffs are the latest in devastating losses for the tech industry, which continues to face high interest rates. Other firms with mass layoffs include Snapchat, Twitch, Google, Microsoft and DocuSign.