DoorDash plans major slowdown in new hiring after pandemic boom wanes

4/15/2022 2:54:00 AM

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DoorDash CEO tells staff the company plans a major slowdown in headcount growth as it focuses on controlling costs

Insider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.

said the company plans to grow headcount by only 10-15% this coming year, according to a person who attended the gathering.That's a far cry from last year when DoorDash's employee ranks more than doubled to over 8,600, according to regulatory filings. Xu and Chief Financial Officer Prabir Adarkar said in the company meeting that DoorDash needs to control employee growth and do it without hurting its business. A company representative declined to comment. 

The newly conservative approach comes as DoorDash faces market uncertainty. Despite posting a strong fourth quarter, the shares are off more than 50% from their high last November. The company recently had to address the weak stock price byoffering extra equity grants

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Tony Xu said the company plans to grow headcount by only 10-15% this coming year, according to a person who attended the gathering.Mortgage rates are soaring, and no one is being spared.Bank says it is prepared for higher credit losses related to economic challenges and its exposure to Russia JPMorgan Chase is the first major U.Android and pick your alerts.

That's a far cry from last year when DoorDash's employee ranks more than doubled to over 8,600, according to regulatory filings. Xu and Chief Financial Officer Prabir Adarkar said in the company meeting that DoorDash needs to control employee growth and do it without hurting its business.86% reported Thursday. A company representative declined to comment. Photo: Gabby Jones for The Wall Street Journal By David Benoit Updated April 13, 2022 7:56 am ET JPMorgan Chase & Co.  The newly conservative approach comes as DoorDash faces market uncertainty. It’s the first time since February 2011 that the benchmark mortgage product has reached the 5% mark. Despite posting a strong fourth quarter, the shares are off more than 50% from their high last November. The parks and rec department said it wants to hire 350-400 lifeguards to open 68 pools this summer.

The company recently had to address the weak stock price by offering extra equity grants to some employees to compensate for declines in the value of their existing awards. This time last year the average rate on the 30-year fixed-rate mortgage was 3.28 billion, or $2. DoorDash grew substantially during the pandemic as stay-at-home orders fueled customers' desire to order delivery meals. Its revenue quadrupled in the fourth quarter of 2020 compared with the same period in 2019. The 15-year fixed-rate mortgage rose above the 4% threshold for the first time since 2018, averaging 4. But a downturn in tech stocks along with concerns that a post-pandemic period will mean slower growth for food orders has weighed on the stock. Analysts had expected $2.  The company is trying to cut down on costs in other areas like cloud computing. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.

Currently DoorDash calculates it pays Amazon Web Services 6.5 cents to process each order. “As Americans contend with historically high inflation, the combination of rising mortgage rates, elevated home prices and tight inventory are making the pursuit of homeownership the most expensive in a generation,” Sam Khater, chief economist at Freddie Mac, said in the report. The company is hoping to get that down to under 6 cents by the end of the first half of this year, according to a person familiar with the matter. DoorDash has increasingly looked toward other areas such as grocery delivery, as well as advertising and international growth as newer business lines that will power its next stage of growth.8% but then subsided. Even as it expands into those areas, the company is hoping it can scale up without headcount rising at the same rate.

Are you a DoorDash insider with insight to share? Got a tip? Contact this reporter via email at tdotan@insider.783%.com .