[culpable_pickle]

Founded in 2016. Raised 926 million dollars. On track for record profits this year.

Yeah, IMHO this was just an excuse to slim down the fat. Better returns for investors and better position to swoop in and grab other businesses that can no longer get funding. Shrewd but heartless IMHO.

[TuringNYC]

More likely: Worried about runway given difficultly of raising capital, cutting down to ensure burn-rate assumes capital isnt raised.

[choeger]

With profits, shouldn't you have an infinite runway?

[kabdib]

That depends on where your profits are coming from. If a large number of your customers depend (say) on VC funding . . .

[TuringNYC]

Only if the profits are sustainable and wont go down/away with the recession.

Also, with stocks not going up infinitely, comp needs to change to less stock ("free") and more cash, further reducing profits.

[stickfigure]

Yes, so assume the word profits should have quotes around it.

[nytesky]

I was confused as well. Did PP mean revenue?

[thathndude]

I think we’re seeing a lot of this in the economy today. I think a lot of the inflation were seeing is companies that know they can get away with it given the narrative, and taking the opportunity.

Same thing here, no one can dispute that the overall macroeconomic picture is deteriorating. So you have cover for some fat trimming

[thawaya3113]

The closest public info I can find is revenues of about $125mm in the past year.

With about 4000 employees, that’s an average of about $30k per employee.

That sounds pretty low to make any sort of profit.