Valens Semiconductor To Cut Workforce By 15%; Reiterates Q2 Revenue $23.9M-$24.1M Vs $23.98M Est, Expects Q3 Revenue $14.0M-$14.2M Vs $22.02M Est, Cuts FY23 Revenue To $83.8M-$84.2M (Prior $97M-$100M) Vs $97.74M Est,
Portfolio Pulse from Benzinga Newsdesk
Valens Semiconductor (NYSE: VLN) plans to cut its workforce by 15% to improve operational efficiency and has revised its FY23 revenue outlook to $83.8M-$84.2M from the prior $97M-$100M. The company reiterates Q2 revenue guidance of $23.9M-$24.1M and expects Q3 revenue of $14.0M-$14.2M.
June 08, 2023 | 9:09 am
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Valens Semiconductor plans a 15% workforce reduction and lowers its FY23 revenue outlook to $83.8M-$84.2M. Q2 revenue guidance remains unchanged, while Q3 revenue is expected to be $14.0M-$14.2M.
The announcement of a 15% workforce reduction and a lowered FY23 revenue outlook is likely to have a negative impact on Valens Semiconductor's stock price in the short term. The company's Q2 revenue guidance remains unchanged, but the reduced Q3 revenue expectation may also contribute to the negative sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100