Layoffs are the latest trend for on-demand companies
A number of on-demand services companies are turning to layoffs to trim costs and shore up their balance sheets.
Why it matters: After years of seeing their unprofitable growth subsidized by plentiful venture dollars, companies are facing increased pressure to prove they can stand on their own two feet.
Driving the news: Here's a sampling of the cuts from just this past week:
- Scooter company Lime is exiting a dozen markets and laying off around 100 employees.
- Robot coffee shop Cafe X is closing three San Francisco outlets and cutting an unspecified number of jobs, as it focuses on its more high-volume airport locations.
- Rappi, a SoftBank-backed delivery startup operating in Latin America, laid off hundreds of employees, Axios has learned.
Go deeper: WeWork to lay off 2,400 employees