The online vehicle-shopping service CarGurus said Thursday that it is cutting 13 percent of its staff, in the latest reversal for a Massachusetts tech company amid the economic fallout of the COVID-19 pandemic.
The Cambridge software company did not give a specific number of job cuts, nor did it say how many were local. It had 921 full-time employees at the end of last year, according to documents filed with the US Securities and Exchange Commission.
CarGurus president and chief operating officer Sam Zales announced the reduction in a letter to employees, which said the company’s executives and board members will take a 50 percent pay cut over the next three months.
“However, with little visibility into how long this crisis will last, these measures were not enough to ensure financial strength through recovery and importantly, into 2021," the letter said.
CarGurus was founded in 2006 by TripAdvisor cofounder Langley Steinert. The company raised about $150 million in an initial public offering in 2017.