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Briefing

Flexport Revenue Drop Showed Extent of Freight Slowdown

By
Maria Heeter
,
Aaron Holmes
,
Ann Gehan
and
Theo Wayt
· · Source: The Information

Flexport’s revenue fell nearly 70% in the first half of the year to $700 million as the logistics startup reeled from a drop in freight forwarding demand, The Information reported earlier Thursday. As sales sank the startup, last valued at $8 billion, burned roughly $300 million in cash in the first half of the year. One major source of the burn was payroll, which rose as former CEO Dave...

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