Bloomberg) -- Toast Inc., a restaurant-focused software company, will cut about 550 employees, adding to the spate of technology industry workforce reductions since the start of 2024.
Known for processing payments for restaurants, Toast went public in September 2021. Its shares have plunged almost 50% since then amid slowdowns in the food industry and competition from companies like Block Inc. Toast generated $2.73 billion in annual revenue in 2022, and analysts expect a 2023 sales increase of 41% to $3.85 billion when it reports fourth-quarter earnings. The company employed 4,500 workers as of the end of 2022, according to regulatory filings.
Toast rival Block, which runs the Cash App and Square payments services, also said last month it was reducing headcount, but declined to give specific details on how many employees would be affected.
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