Instacart is laying off 7 per cent of its workforce as part of a restructuring effort, the food delivery group said on Tuesday as it boosted its share buyback programme to $1bn.
The company said the cuts would affect about 250 people. Separately, three executives — Instacart’s chief operating officer Asha Sharma, chief technology officer Varouj Chitilian and chief architect JJ Zhuang — will depart the company for “personal reasons”.
The company also approved an additional $500mn in share buybacks. On Thursday, a “lock up” of about 280mn Instacart shares will expire, meaning the shares will be eligible to trade. The group only offered 22mn shares, or 8 per cent of the its stock, when it listed last year.
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