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Job marketplace Airtasker cuts headcount by 20% and cuts 45 jobs to improve cash flow

ASX-listed job marketplace Airtasker is the latest technology company to swing the scythe through its workforce, cutting 45 jobs – about 20% of its total workforce – as part of a drive to become cash flow positive in fiscal year 2024.

The layoffs are mainly in non-income-generating positions, the company (ASX: ART) said, at the same time as it released its March third-quarter results.

And 12 months after the company paid $9.8 million for service platform OneFlare, Airtasker is divesting the “non-core” parts of the OneFlare business.

Airtasker expects to incur restructuring costs of up to $1 million due to the cuts in FY23. The divestment of the ancillary businesses will reduce sales by up to $1 million in FY24, but the company also expects this to have a positive effect on operating costs and operating cash flow

Founder and CEO Tim Fung said they will focus on efficient global scaling of core markets under both brands.

“While Airtasker delivered strong revenue growth of 49% in March 2023, we believe that in the current macroeconomic environment, it is the right time to focus on increasing efficiency and returning to positive operating cash flow,” he said .

“We believe this cost reduction program will enable Airtasker to return to positive operating cash flow for FY24 and drive efficient growth to deliver on our mission – empowering people to realize the full value of their skills – on a global scale sustainable.”

The company saw third-quarter sales increase 34.1% from 12 months ago to $11.5 million, but most of that gain, 28.8%, came from the inclusion of Oneflare. Excluding the contribution from the Oneflare marketplace, 3Q23 revenue increased 5.3% to $9 million. Airtasker’s Australian marketplace achieved net EBITDA of $1.5 million, after covering global headquarters fixed operating costs, through improvements in marketing spend efficiency.

Revenue from the Oneflare marketplace has continued to exceed expectations since the acquisition was announced last May. Net cash used in operating activities for the quarter was $1.2 million, down 52.4% quarter-over-quarter, primarily driven by higher marketing spend in new marketplaces in the quarter.

It said that while Australia’s marketplaces are in the “scaling up” phase, their marketplaces in the UK are in the “one to 100” phase and the US is in “zero to one”.

Airtasker has $20.6 million in cash on its balance sheet and no debt at the end of 3Q23.

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