U.S. logistics startup Flexport is working on a plan to cut as much as 30% of its workforce by the end of this month, The Information reported Thursday, citing a person familiar with the plan.
The cuts affect about 1,000 people based on the company’s headcount of around 3,300, the report said. Flexport also plans other cost-cutting moves.
The closely held company said CEO Ryan Petersen “has been very transparent in the need to drive the growth and cost discipline required to return Flexport to profitability.”
Petersen last month returned as chief executive, replacing Dave Clark, who had joined the company in mid-2022 after a long career at Amazon.com.
Flexport has received $2.3 billion in funding and reached a valuation of $8 billion. The company last month introduced a self-service logistics platform called Revolution and a subscription service for automated work-flow tools.
