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.
Shares of the company fell 5% in extended trading.
The layoffs are focused in part on middle management and creating a flatter organizational structure, according to Instacart, as well as focusing teams on larger projects, such as advertising efforts on Roku, Google Ads and more.
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. Instacart will only backfill the CTO role.
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