Edgio rises after board approves 12% of workforce reduction

Edgio

07/06/2023 23:16

** Shares of content delivery network service provider Edgio
 EGIO.O  up 4.2% at $0.54 in extended trading
    ** Co says on June 6, board approved a restructuring plan
involving a reduction of about 12% of its global workforce to
reduce its operating costs
    ** Says it will be implemented through Q4 of 2023 which
affects the job of 134 employees
    ** EGIO estimates to incur about $3.7 mln as restructuring
plan charges
    ** Also anticipates the job cut to generate about $23.7 mln
in net annual savings
    ** Up to Wednesday's close, stock had fallen 53.7% in 2023

 (Reporting by Anne Florentyna Gnanaraja Sekar in Bengaluru)
 ((AnneFlorentyna.GnanarajaSekar@thomsonreuters.com;))