LiveOne Aims Additional Cost And Expense Reductions; To Cut Addl. 25% Staff By Year-End
(RTTNews) - Technology platform LiveOne, Inc. (LVO) announced Thursday that as part of its focus on profitability and generating cash from operations on a consolidated basis, LiveOne is implementing additional cost and expense reductions of $7.5 million to $10 million from both operations and corporate overhead. The company plans to cut an additional 25% of Staff by Year-End with a continued focus on utilizing Artificial Intelligence.
These actions are anticipated to increase the previously implemented annual cost savings to a total of over $40 million.
The company said it has already successfully reduced costs and overhead by an expected $30 million on an annual basis over the past two years, while focusing on the operating performance of our Audio Division.
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