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Getaround (NYSE:GETR) layoffs are on the way for employees of the peer-to-peer car-sharing marketplace company.
A press release from Getaround notes that this will have it laying off roughly 30% of its North American employees. This is part of its restructuring efforts to push the company toward profitability.
Getaround is expecting these layoffs to come with a $1 million charge. However, the company says the benefits include $7 million in annual savings.
Getaround CEO Sam Zaid said the following about the company’s layoffs:
“Our focus on profitability and sustainable business growth necessitated this difficult workforce reduction program. I want to thank all those teammates who contributed to the substantial progress Getaround has experienced. While we believe this restructuring plan is the right decision for the business, it does not diminish the challenge of letting talented colleagues go, or the gratitude we have for the dedication and professionalism of the team.”
Getaround Adds to Layoffs Trend
2024 has been a rough year for workers as many companies have been announcing job cuts. Major corporations and smaller ones are both looking to reduce headcount and cut costs during 2024.
The last couple of years have been tough on companies with increased inflation and interest rates. Signs are starting to show improvements on those fronts, but companies are still looking for ways to better weather the year.
GETR stock is down 2.2% as of Friday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.