Getaround Targets Profitability With Major Restructuring, Slashes 30% Of North American Staff
Portfolio Pulse from Benzinga Newsdesk
Getaround (NYSE:GETR) announced a major restructuring plan, including a 30% reduction of its North American staff, aiming for cost savings of about $7 million annually. This move is part of the company's strategy to extend its cash runway and accelerate profitability. The restructuring is expected to incur up to $1 million in costs.
February 08, 2024 | 7:05 am
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Getaround announces a restructuring plan, cutting 30% of its North American workforce to save $7 million annually and push towards profitability.
The restructuring plan by Getaround is a significant step towards reducing operational costs and achieving profitability. The anticipated annual savings of $7 million could positively impact the company's financial health in the short term. However, the $1 million restructuring cost and potential operational disruptions could offset some benefits. The decision to cut 30% of the North American workforce indicates a strong commitment to cost reduction, which could be viewed positively by investors seeking signs of disciplined financial management and a clear path to profitability.
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