CRTO - Criteo shares gain on reported 'major restructuring' impacting 10 percent of workers

Business Insider sources say Criteo (CRTO) is prepping a major restructuring that will impact roughly 2,600 employees, though "impact doesn't necessarily mean cut from the workforce.The ad tech company is reportedly looking to shift away from third-party cookie services.Criteo's emailed statement to BI only confirms conducting a global review and notifying employees on Monday about "a plan to adjust its cost structure and achieve a return to sustainable growth."Criteo's once lucrative business in targeted ads started to erode as more browsers began to restrict the use of tracking technologies. Apple's Intelligent Tracking Prevention feature is a leading example.Upcoming catalyst: Criteo will report Q4 results on February 10.Criteo shares are up 7.7% to $22.40.In March, Apple will introduce new privacy rules for apps that require customers to opt-in to data sharing.

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Criteo shares gain on reported 'major restructuring' impacting 10 percent of workers