"Restaurant-Tech Firm Toast Slashes 550 Jobs, Sparks 15% Stock Surge"

Toast Inc., a restaurant-focused software company, is set to cut about 550 employees, following a trend of technology industry workforce reductions in 2024. The company, known for processing payments for restaurants, went public in September 2021 but has seen its shares drop almost 50% amid industry slowdowns and competition. The move reflects a broader trend of technology companies moving quickly to dismiss workers and shift priorities, with other major firms like Microsoft, Google, Amazon, and Salesforce also eliminating positions this year.