Restaurant tech supplier Toast to cut 550 jobs in restructuring exercise

San Francisco, Feb 16 (IANS) US-based restaurant management software company Toast has announced to lay off around 550 employees or about 10 per cent of its workforce in a restructuring exercise.

The company announced the job cuts in its financial results for the fourth quarter and full year ended December 31, 2023.

"Toast's Board of Directors approved a restructuring plan (the "Plan") designed to promote overall operating expense efficiency, including a reduction in force that is expected to impact nearly 550 employees," the company said.

Toast mentioned that it expects to complete the restructuring plan by the end of fiscal year 2024.

As part of this plan, the company is expected to incur restructuring and restructuring-related charges of about $45 to $55 million, mainly related to severance and severance-related costs and certain other costs related to facilities.

As per the filing, Toast's revenue climbed by more than 35 per cent (year-on-year) to $1 billion during the quarter. Its net loss was $36 million in Q4 2023 compared to net loss of $99 million in the same quarter of 2022.

In 2020, Toast reduced its headcount by 50 per cent through layoffs.

Meanwhile, global networking giant Cisco has announced that it plans to lay off five per cent of its global workforce, amounting to thousands of employees as part of a restructuring exercise.

According to Cisco's most recent annual report, the company employs about 85,000 people, meaning that the latest job cuts are expected to affect more than 4,000 employees, reports CNN.