Instacart on Tuesday announced it would lay off about 250 employees, or roughly 7% of the company, as part of a restructuring.
The news came as the company reported fourth-quarter earnings that fell roughly in line with analysts' revenue estimates.
Three top executives are also departing the company for personal reasons, according to Instacart: Chief Operating Officer Asha Sharma, Chief Technology Officer Varouj Chitilian and chief architect JJ Zhuang.
The company posted fourth-quarter revenue of $803 million, roughly in line with the $804 million that Wall Street expected, according to analyst estimates from LSEG, formerly known as Refinitiv.
In September, Instacart went public in one of the first significant venture-backed tech IPOs since December 2021.
Persons:
Instacart, Asha Sharma, Varouj Chitilian, JJ Zhuang
Organizations:
Google, CNBC PRO
Locations:
LSEG