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

RTTNews | 1038天前
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 Modestly Lower

Swiss Market Ends Modestly Lower

The Switzerland market ended weak on Friday, in line with markets across Europe, as concerns about the health of U.S. regional banks hurt sentiment and triggered a sell-off in financials stocks across the globe.
RTTNews | 1天前
TSX Down Sharply; Materials Stocks Tumble

TSX Down Sharply; Materials Stocks Tumble

The Canadian market is down sharply in negative territory Friday afternoon due to a sell-off in materials stocks. Concerns about growth after Bank of Canada Governor Tiff Maclem warned that spillovers from U.S. President Donald Trump's tariff policies could weaken the economy.
RTTNews | 1天前
Bay Street Headed For Weak Start

Bay Street Headed For Weak Start

Lower Canadian and U.S. futures amid worries about the health of US regional banks, and lingering concerns about U.S.-China trade tensions point to a weak start for the Canadian market on Friday.
RTTNews | 1天前
FTSE 100 Down 1.4%; Bank Stocks Fall On U.S. Lenders' Credit Woes

FTSE 100 Down 1.4%; Bank Stocks Fall On U.S. Lenders' Credit Woes

The UK market is down sharply on Friday, hurt by a sell-off in the financials sector amid concerns about the health of U.S. banks after a couple of regional banks disclosed that they were exposed to alleged fraud by borrowers, spreading jitters about credit market turmoil.
RTTNews | 1天前
Pound Falls Amid BoE Rate Cut Speculation

Pound Falls Amid BoE Rate Cut Speculation

The British pound weakened against other major currencies in the European session on Friday, amid rising expectations that the Bank of England (BoE) will cut interest rates further this year.
RTTNews | 1天前