Restaurant POS fintech Toast is axing 550 jobs - 15% of its workforce - as part of a cost-cutting restructuring plan.
The Boston-based firm plans to make the cuts by the end of the fiscal year and will take a restructuring hit of between $45 million and $55 million.
The news comes as Toast narrowed its full year net loss from $275 million in 2022 to $246 million in 2023. Revenue in 2023 grew 42% to $3.9 billion.
The company's board of directors has also authorised a share repurchase programme of up to $250 million of its Class A common stock.
New of the plans sent Toast's share price up by round 15%.