Olo Reduces Workforce By ~9%; Estimates It Will Incur Charges Of ~$2.2M-$2.6M In Connection With Workforce Reduction, Which Is Expected To Be Incurred Q3
Portfolio Pulse from Benzinga Newsdesk
Olo has announced a workforce reduction of approximately 9%, expecting to incur charges between $2.2 million and $2.6 million related to this reduction in Q3, as per an SEC filing.
September 20, 2024 | 1:18 pm
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Olo is reducing its workforce by about 9%, which will result in charges of $2.2M-$2.6M in Q3. This move could be seen as a cost-cutting measure, potentially impacting short-term stock prices.
The workforce reduction indicates a strategic move to cut costs, which may be perceived negatively by investors in the short term due to associated charges. However, it could also be seen as a necessary step for long-term financial health.
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