TripActions ($PRIVATE:TRIPACTIONS), the Palo Alto travel expense management and documentation startup, was one of the first unicorns to make deep cuts to headcount, reportedly letting go "less than 300" of its staff, according to a company representative that spoke to TechCrunch.
Based on its LinkedIn ($MSFT) Employee Count (not shown), that's more than 20% of the company's staff. And, based on TripActions' actions leading up to the layoffs, alternative data signaled the travel management app began to feel the strain of the global travel shutdown quickly.
Right before it cut hundreds of jobs, TripActions also slashed more than 100 job postings - depicted in our chart above - underscoring the severity of the Coronavirus' outbreak and its impact on companies in the travel space. Investors in TripActions include Andreesen Horowitz and Lightspeed Venture Partners.
The $4 billion startup was criticized on social media for a big round of layoffs conducted via videoconference app - however, in the age of social distancing, it's unclear there were better options available for TripActions. Speaking with Skift, CEO Ariel Cohen said it was a "horrible" way to let staff go, but made clear he couldn't get people into the office for a proper face-to-face discussion.
It's not uncommon for users to hate-rate an app as it goes through a period of public tumult - and it's very possible TripActions' ratings weren't falling in the Apple ($AAPL) Store as a result of a crummy product, so much as a result of people voicing their displeasure with the layoffs. That's why our next chart is key.
Additionally, TripActions' Google ($GOOG) Play Store Rating began to drop in February, as our final chart depicts. So it seems that - in addition to the staffers who publicly lambasted their CEO for the awkward layoffs - there are some other folks dissatisfied with TripActions, too.
About the Data:
Thinknum tracks companies using the information they post online - jobs, social and web traffic, product sales and app ratings - and creates data sets that measure factors like hiring, revenue and foot traffic. Data sets may not be fully comprehensive (they only account for what is available on the web), but they can be used to gauge performance factors like staffing and sales.
Further Reading:
- Should Neiman Marcus fall, these 7 REITs will be hit hardest
- This is what it looks like when United slashes job postings overnight
- These are the REITs taking it on the chin when Cheesecake Factory can't come up with its April 1 rent
