Getaround To Slash 10% Of Workforce To Contain Costs

Getaround To Slash 10% Of Workforce To Contain Costs
  • Carsharing marketplace Getaround, Inc GETR is prepared to downsize its workforce by 10% under its latest restructuring to contain costs.
  • The restructuring plan also includes significant reductions to other operating expenses, including reducing the company's contract workforce and outside professional services.
  • The move will likely save $25 - $30 million on an annualized run-rate basis.
  • "In response to an uncertain near-term macroeconomic outlook, which has hit technology companies particularly hard, Getaround has made the decision to streamline its operations," said Sam Zaid, Getaround CEO. "These proactive changes include a difficult but necessary reduction in our North American workforce. 
  • Getaround has 421 employees, so the staff cuts should affect around 42 employees, TechCrunch reports.
  • On February 1, the company received continued listing standards notice from the NYSE as the average closing price of the common stock fell below $1.00 over a consecutive 30 trading-day period
  • Getaround joined a bevy of companies, including Big Tech like Inc AMZN and Alphabet Inc GOOG GOOGL, to reduce staff as businesses slowed down amid macro uncertainties after pandemic-driven growth.
  • Price Action: GETR shares closed higher by 2.25% at $0.6540 on Thursday.

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