Moovit Layoffs
June 2024
Moovit announced a layoff affecting 20 employees (10% of its workforce) in June 2024. The company operates in the Transportation sector.
20
10%
Jun 19, 2024
Company Information
- Industry
- Transportation
- Country
- IL
- Region
- Tel Aviv, Non-U.S.
About
Moovit, the journey planning app owned by Intel's Mobileye, is laying off around 20-25 employees, representing approximately 10% of its 225-person workforce. The layoffs, announced in June 2024, are part of a restructuring to focus on the company's core business and accelerate its path to profitability. This move follows recent management changes, including the replacement of its co-founder as CEO three months prior, which was linked to the end of a four-year retention period following its $1 billion acquisition. Despite reporting high revenue growth and an expectation to achieve positive cash flow, the company is making adjustments in the competitive mobility tech industry.
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support@layoffs.nlCompany Information
- Industry
- Transportation
- Country
- IL
- Region
- Tel Aviv, Non-U.S.