👀 Ones to watch: Undervalued stocks to buy before they report Q3 earningsSee Undervalued Stocks

Bill gains on plans to cut workforce by 15%

Published 12/05/2023, 08:45 AM
Updated 12/05/2023, 08:46 AM
© Reuters.  Bill gains on plans to cut workforce by 15%
BILL
-

Bill Com Holdings Inc (NYSE:BILL) has announced plans to reduce its global workforce by approximately 15% and close its office in Sydney.

This strategic move is aimed at enhancing the profitability of its core business by reallocating resources to key priorities serving small and mid-size businesses.

Shares rose 3.6% on the news.

The restructuring is expected to incur charges of $29 million to $35 million, primarily consisting of cash expenditures for severance payments, employee benefits, and related costs.

The majority of these charges will be incurred in the three months ending December 31, with nearly all charges expected to be incurred by June 30, 2024.

Twilio announced yesterday it will cut another 5% of its workforce in the third round of layoffs.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.