PAYO - Payoneer Global plans to lay off 9% of headcount
2023-07-10 17:15:01 ET
Payoneer Global ( NASDAQ: PAYO ) is planning to shed around 9% of its total headcount, the payment and commerce-enabling platform said in an SEC filing dated Monday.
The culling is expected to be largely completed by the end of Q3. Savings from the plan, Payoneer ( PAYO ) said, will be used for future growth initiatives, and to keep hiring for roles vital to those initiatives in areas like research and development.
It's expected to incur charges of ~$5M in connection with the job cuts, namely cash expenditures for severance payments and payroll taxes. In addition, the company sees an annualized future benefit to its operating expenses of approximately $20M in connection with the plan.
PAYO drifted up 1.7% in after-hours trading.
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Payoneer: Transforming Cross-Border Payments With Its Comprehensive Range Of Offerings
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Payoneer Global plans to lay off 9% of headcount