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SoftBank-backed Flexport lays off 50 as virus hits China business

Logistics startup is the latest in Vision Fund portfolio to cut staff in pursuit of profitability

Flexport is just one of several legacy businesses SoftBank has invested in. (Photo courtesy of Flexport)

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.

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