News / Freightos adapts fast as market bites, cutting headcount by 13%

© Kiattisak Lamchan

News that Freightos has moved to cut costs by making 13% of its staff redundant – about 50 people – in its bid to reach profitability quicker has underlined both the weakness in the market and the speculative nature of the company’s growth plan.

The recently Nasdaq-listed company said yesterday its cost-saving measure would boost adjusted ebitda by $1.4m per quarter, starting Q4.

CEO Zvi Schreiber said although market conditions were “challenging”, the company was still seeing transaction and revenue growth.

“However, given ...