PHUN - Software developer Phunware to lay off one-third of its workforce

2023-07-20 11:53:39 ET

Software developer Phunware ( NASDAQ: PHUN ) said on Thursday that it will eliminate about 33% of its workforce, as it implements several cost cutting measures.

Phunware shares fell -1.4% . Its shares have sunk about 52% YTD.

The company expects annual run-rate savings of over $5 million from its cost saving measures. Its other measures include "streamlining operations, reducing non-essential expenses, and optimizing use of existing resources to further enhance efficiencies."

"We believe these strategic actions will significantly lower our operating costs, improve our financial performance and ultimately enhance shareholder value," said finance chief Troy Reisner in a statement .

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