Food delivery company Deliveroo is to cut 350 jobs, or around 9% of its global workforce.
It said the majority of these will be in the UK, where its staffing numbers are largest.
The changes will impact employees and not delivery riders, it said.
A spokesperson said they expect the final number after redeployments 'to be 300.'
In a statement, CEO Will Shu said roles at all levels will be impacted.
"In recent years we grew our headcount very quickly," he said.
"This was a response to unprecedented growth rates supported by COVID-related tailwinds.
"By contrast, we now face serious and unforeseen economic headwinds.
"We have also recently exited markets, meaning we do not require the same size workforce to support our operations.
"Quite bluntly, our fixed cost base is too big for our business," he explained.
'This is on me'
Mr Shu said he takes responsibility for this.
"I should have had a more balanced approach to headcount growth, but I thought stronger top-line growth would continue for longer than it has," he said.
"I did not anticipate so many macro headwinds arriving all at once.
"This is on me, and I will not be making the same mistakes going forward".
He also pointed to "record high inflation, rising interest rates, an energy crisis and fears of a recession in the UK."
"We have to run our business in the most efficient way possible to withstand these challenges, and take a hard look at our cost base," Mr Shu added.