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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
Instacart’s new search tool, “Ask Instacart,” will tap data from more than 1.5 million products stocked by some 75,000 grocery stores, said JJ Zhuang, the company’s chief architect. Mr. Zhuang described the software integration as “experimenting with what’s possible” using ChatGPT on Instacart’s app. OpenAI, a San Francisco-based software startup launched in 2015, has sought to expand its reach by easing the process of integrating ChatGPT software with outside apps. Microsoft Corp. , an OpenAI investor, last month added ChatGPT technology to its Bing search engine. Mr. Brockman said it is important for companies to consider the stakes involved in the way they plan to use ChatGPT technology.
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