Freightos Announces Staff Cuts Amid Falling Freight Market
In response to declining revenues and freight market downturn, Freightos reduces staff by 13% and further lowers its 2023 revenue outlook.
Freightos, a digital platform for international air and ocean shipping, announced a 13% staff cut and a second revision of its annual outlook to cope with a sustained downturn in freight markets and declining revenues. The Jerusalem-based company now expects revenues to lie between $20m and $21.2m for 2023, a significant drop from the initial expectation of $26.6m. Freightos also reported an operating loss of $24.3m last year, a notable increase from the $16.3m loss in 2021, despite revenue growth.