
Toast to Lay Off 10% of Workforce Amid Slowing Growth
Toast, a restaurant management software maker, is laying off 10% of its workforce, about 550 employees, as its growth slows. The company reported fourth-quarter earnings that surpassed expectations, with revenue increasing almost 35% year over year. Despite facing increasing competition, transactions using Toast products continue to grow, with gross payment volume up 32%. The new job cuts are expected to result in $45 million to $55 million in charges and $100 million in annualized savings. This comes after Aman Narang replaced Chris Comparato as CEO and management aims to report operating profit in the first half of 2025.

