BigCommerce To Restructure To Reduce Cost Structure; To Cut 13% Of Total Workforce

RTTNews | 1042 hari yang lalu
BigCommerce To Restructure To Reduce Cost Structure; To Cut 13% Of Total Workforce

(RTTNews) - Open SaaS ecommerce platform BigCommerce Holdings, Inc. (BIGC) announced Thursday its plan to reduce its cost structure and accelerate its path to profitability. The planned restructuring aims to move forward its adjusted EBITDA breakeven timeline from mid to late 2024 to the fourth quarter of 2023.

BigCommerce will prioritize its strategic focus, investments and resources to build upon its expanding leadership position in enterprise ecommerce. It will focus its go-to-market efforts on the enterprise business, where it sees the strongest unit economics and the opportunity for long-term, profitable growth.

As part of this restructuring plan, BigCommerce will reduce its sales and marketing expenditures in non-enterprise initiatives and its total workforce by approximately 13% across employees and contractors. The workforce changes is largely expected to be complete by December 31, 2022.

The company estimates the aggregate costs associated with the reduction in force to be approximately $4.2 million to $4.6 million, primarily consisting of severance payments, employee benefits and related costs, and expects to incur these charges in the fourth quarter of 2022.

BigCommerce is also evaluating its facilities footprint and its continued need for existing space for potential impairment of the right-of-use assets associated with its headquarter facilities. The company estimates the aggregate cost of an impairment will range between $2.0 million and $3.2 million.

In addition, BigCommerce is reiterating its financial guidance, as outlined in the its third quarter earnings release issued on November 3, 2022, for both the fourth quarter and the full year 2022.

read more
Swiss Market Ends Slightly Weak

Swiss Market Ends Slightly Weak

The Switzerland market edged down marginally on Wednesday after a cautious session, as investors looked for directional clues.
RTTNews | 2j 37min yang lalu
Major European Markets Close Weak; UK Market Outperforms

Major European Markets Close Weak; UK Market Outperforms

The major European markets closed mostly lower on Wednesday as investors reacted to earnings updates and other corporate news, in addition to following the developments on the trade front and digesting geopolitical news.
RTTNews | 3j 11min yang lalu
Bay Street Likely To Open On Mixed Note

Bay Street Likely To Open On Mixed Note

Canadian stocks may open on a mixed note on Wednesday, tracking commodity prices and quarterly earnings announcements. The mood is likely to remain cautious amid tariff concerns, and uncertainty about the outlook for interest rate cuts next week.
RTTNews | 7j 57min yang lalu
Bank Indonesia Unexpectedly Holds Rate Steady At 4.75%

Bank Indonesia Unexpectedly Holds Rate Steady At 4.75%

Indonesia's central bank unexpectedly kept its key interest rate unchanged on Wednesday after three consecutive reductions as policymakers assess the impact of the previous easing. The Bank Indonesia board, led by Governor Perry Warjiyo, decided to hold the BI rate at 4.75 percent. The bank was expected to cut the rate by 25 basis points.
RTTNews | 8j 1min yang lalu
FTSE 100 Rises Nearly 1% On Soft Inflation Data

FTSE 100 Rises Nearly 1% On Soft Inflation Data

The U.K. market is up in positive territory on Wednesday, outperforming other major markets in Europe, thanks to softer-than-expected consumer price inflation data.
RTTNews | 9j 28min yang lalu
UK Consumer Prices Rise Less Than Forecast

UK Consumer Prices Rise Less Than Forecast

UK consumer prices rose less than expected and food inflation eased for the first time in six months in September, raising hopes that the Bank of England could reduce interest rates this year. Consumer prices logged an annual growth of 3.8 percent in September, the same rate of increase as seen in August, the Office for National Statistics said Wednesday. Prices were expected to climb at a faster
RTTNews | 11j 3min yang lalu
DAX Advances In Cautious Trade

DAX Advances In Cautious Trade

After a weak start and a subsequent recovery that briefly lifted it slightly above the flat line, the German stock market retreated and slipped into negative territory Wednesday morning amid cautious moves by investors due to a lack of progress in Ukraine peace talks and a disappoint earnings update from Netflix.
RTTNews | 11j 22min yang lalu