Toast to Cut 550 Workers in Latest Round of Tech Layoffs (2)

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.

The job cuts are designed to promote “operating expense efficiency,” the company said Thursday in its fourth-quarter earnings statement. Bloomberg earlier reported Toast’s plan to eliminate positions. The company will incur about $50 million in costs such as severance, it added. Affected employees were told Thursday, according to a person familiar with the cuts, who asked not to be identified because that information wasn’t public.

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