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Founded in 2016. Raised 926 million dollars. On track for record profits this year. Yeah, IMHO this was just an excuse to slim down the fat. Better returns for
by culpable_pickle 4y ago
Founded in 2016. Raised 926 million dollars. On track for record profits this year.
Yeah, IMHO this was just an excuse to slim down the fat. Better returns for investors and better position to swoop in and grab other businesses that can no longer get funding. Shrewd but heartless IMHO.
- thathndude 4y agoI think we’re seeing a lot of this in the economy today. I think a lot of the inflation were seeing is companies that know they can get away with it given the narrative, and taking the opportunity. Same thing here, no one can dispute that the overall macroeconomic picture is deteriorating. So you have cover for some fat trimming
- TuringNYC 4y agoMore likely: Worried about runway given difficultly of raising capital, cutting down to ensure burn-rate assumes capital isnt raised.
- choeger 4y agoWith profits, shouldn't you have an infinite runway?
- kabdib 4y agoThat depends on where your profits are coming from. If a large number of your customers depend (say) on VC funding . . .
- stickfigure 4y agoYes, so assume the word profits should have quotes around it.
- TuringNYC 4y agoOnly if the profits are sustainable and wont go down/away with the recession. Also, with stocks not going up infinitely, comp needs to change to less stock ("free") and more cash, further reducing profits.
- nytesky 4y agoI was confused as well. Did PP mean revenue?
- thawaya3113 4y agoThe closest public info I can find is revenues of about $125mm in the past year. With about 4000 employees, that’s an average of about $30k per employee. That sounds pretty low to make any sort of profit.