PALO ALTO, U.S. -- Another SoftBank-backed startup has announced layoffs as the Japanese conglomerate urges portfolio companies to find paths to profitability after WeWork's failed IPO last year.
Flexport, a San Francisco-based logistic startup, laid off 50 staff members, or 3% of its global workforce, on Tuesday. The cut mostly impacted its business divisions including marketing and recruiting departments and some senior management, according to people familiar with the situation.
