To achieve profitability, Montreal-based online travel company Hopper Inc. has reduced its workforce by 30%, reports Globe and Mail. CEO Fred Lalonde explained that many of the initiatives they were running weren't producing revenue.
The cuts targeted primarily experimental services yet to launch, ensuring in-market services remain unaffected. Hopper's recent decision isn't related to the broader economic environment but reflects a shift in investor priorities, favouring profitability over aggressive growth. Despite the global tech sector facing challenges, Hopper has grown, with its valuation surpassing USD $5 billion in 2022 and revenues exceeding USD $500 million. The company continues to innovate, leveraging machine learning to offer unique financial products for travellers.
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