| Bit of shake up going on. Their billionaire founder is coming back into a CEO role, cleaned house at the top (of folks that came in from Amazon), and after rescinding job offers a month ago and 20% layoffs 9 months ago, they're now trimming another 20%. Internet rando analysis: Flexport most likely surfed the COVID wave of shipping, but the new macro makes the go forward much more challenging with aggregate demand declining (you can see this in both marine and over the road shipping volume declining). Boom time->war time transition as an org, hit by both rapidly rising interest rates (cost of capital, equity valuations) at the same time as volume declines precipitously. https://www.flexport.com/research/post-covid/ https://www.flexport.com/research/after-the-boom-evolving-e-... https://www.flexport.com/blog/how-long-will-covid-impact-las... https://www.freightos.com/wp-content/uploads/2023/05/FBX-Oce... https://www.cnbc.com/2023/04/24/economy-is-in-a-freight-rece... https://www.ccjdigital.com/economic-trends/article/15543395/... https://talkbusiness.net/2023/02/u-s-freight-volumes-fall-to... https://hn.algolia.com/?dateRange=all&page=0&prefix=false&qu... |
It seems a lot of these actions followed that failure.