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Toast Inc

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businesstechnology1 year ago•2 min saved

"Restaurant-Tech Firm Toast Slashes 10% of Workforce as Sales Surge Falters"

Toast Inc., a restaurant-focused software company, is set to cut about 550 employees in a move aimed at promoting operating expense efficiency. The company, known for processing payments for restaurants, went public in September 2021 but has seen its shares plunge amid industry slowdowns and competition. The job cuts come as part of a new wave of workforce reductions in the technology industry, with companies like Microsoft, Google, Amazon, and Salesforce also eliminating positions in 2024.

via Yahoo Finance|

#businesstechnology #job-cuts #restaurant-software

businesstechnology1 year ago•1 min saved

"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.

via Yahoo Finance|

#businesstechnology #job-cuts #restaurant-software

business2 years ago•6 min saved

"Mom-and-pop restaurant revolt prompts Toast to reverse surprise fees, stock plummets"

Point-of-sale vendor Toast Inc. has rescinded its surprise fees on American diners after facing backlash from mom-and-pop restaurants. The fees, which were added remotely to customer receipts without the consent of the restaurants, sparked nationwide outrage, a congressional inquiry, and threats of class-action lawsuits. Toast CEO Chris Comparato apologized for the decision and stated that the fees would be removed. However, the incident has damaged the trust between Toast and its 85,000 restaurant clients, with many still considering alternative vendors.

via Fox Business|

#business #customer-outrage #fees