Shift Announces Restructuring, Expects To Reduce Headcount By ~34%; Sees Annualized SG&A Savings Of ~$14M
Portfolio Pulse from Benzinga Newsdesk
Shift Technologies, Inc. has announced a restructuring plan that will reduce its headcount by approximately 34%. The company expects this move to result in annualized SG&A savings of around $14 million.
July 11, 2023 | 8:06 pm
News sentiment analysis
Sort by:
Ascending
NEUTRAL IMPACT
Shift Technologies' restructuring plan, which includes a 34% reduction in headcount, is expected to result in annualized SG&A savings of approximately $14 million.
The restructuring plan announced by Shift Technologies is a significant move that will directly impact the company's operations and financials. The reduction in headcount is expected to result in substantial savings in SG&A expenses, which could improve the company's profitability in the long run. However, the short-term impact on the stock price is uncertain as the market may react negatively to the job cuts due to potential operational disruptions or positively to the cost savings.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100