Toast Layoffs
Industry Food · Location Boston · United States · Subscribe (RSS)
Toast has 2 publicly reported layoff rounds on record between April 7, 2020 and February 15, 2024. A total of about 1,850 employees were affected across these rounds.
Layoff history
Toast announced on February 15, 2024 that it would lay off approximately 550 employees, about 10% of its workforce, as the Boston-based restaurant software company moved to cut operating expenses after a period of rapid hiring. CEO Aman Narang told staff the company had grown too quickly while racing to meet demand and needed to operate more nimbly going forward. CFO Elena Gomez added that the restructuring was about "positioning the company to operate fast and nimble." The cuts came the same day Toast reported Q4 2023 results that beat expectations, with revenue of $1.04 billion against a forecast of $1.02 billion and a net loss of $36 million, down sharply from a $99 million loss a year earlier. Toast also added 6,500 new restaurant locations in the quarter, ending with roughly 106,000 total. The company projected severance and related restructuring costs of $45 million to $55 million, with expected annual savings of around $100 million. TOST shares jumped 17% on the day.
Reason: Operating expense efficiency after overhiring during rapid growth phase
Source: bloomberg.com
Toast disclosed a workforce reduction affecting its Boston operations in April 7, 2020. Approximately 1,300 roles were eliminated.
Source: layoffs.fyi
Data for Toast is compiled from public WARN Act filings and reporting linked above. See our methodology.