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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.
Source: FreightWaves
If freight transportation companies have slow sales that trickles down to #fintech and freightech service providers like @freightos $CRGO that make money as a % of transactions . . . https://t.co/Gs7qG3pnu9 #supplychain
— Eric Kulisch (@ericreports) July 11, 2023
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