Shapeways Says On December 15, 2023, Board Approved Reduction In Force As Part Of Cost-reduction Initiatives, Initiated In Q3 Of This Year, Intended To Reduce Operating Expenses - Filing
Portfolio Pulse from Benzinga Newsdesk
Shapeways announced a workforce reduction of approximately 33 employees, which is about 24% of its global non-production workforce, as part of its cost-reduction initiatives that began in Q3 of the current year. This reduction represents around 15% of the total global workforce of the company.
December 20, 2023 | 9:07 pm
News sentiment analysis
Sort by:
Ascending
NEUTRAL IMPACT
Shapeways has reduced its workforce by 24% of non-production staff, which is expected to lower operating expenses as part of ongoing cost-reduction efforts.
The reduction in workforce is a significant step in cost reduction, which could lead to improved financial performance in the short term. However, the impact on the stock price could be neutral as the market may have anticipated these cost-reduction measures from previous announcements. Additionally, the reduction could have both positive effects (cost savings) and negative effects (potential loss of talent and morale), which makes the short-term impact on the stock price uncertain.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100