Matterport terminates 30% of workforce to accelerate path to profitability (NASDAQ:MTTR)
Spatial data company Matterport (NASDAQ:MTTR) said on Tuesday that it will lay off about 170 employees, representing about 30% of its workforce, to rein in costs and quicken its path to profitability.
Matterport shares jumped +7.1%.
“The operational adjustments we are making today will sharpen our focus, speed up execution, and accelerate our path to operational cash flow profitability, pulling it into 2024– a full year ahead of plan,” said chief executive RJ Pittman in a blogpost to employees.
It expects to incur the majority of the charges in the third and fourth quarters of fiscal 2023. It plans to complete the layoffs by the end of the fourth quarter.
