Groupon gains on plan to cut about 500 jobs globally

Groupon

30/01/2023 22:59

**Shares of daily deals platform Groupon Inc up ~1.7% at
$8.35 after the bell
    **On Jan. 25, board approved second phase of co's
multi-phase restructuring plan which includes an overall
reduction of about 500 positions globally
    **Payroll actions under restructuring plan estimated to
result in about $70 mln in annualized cost savings
       **Also intends to execute other non-payroll actions
outlined within co's 2022 Cost Savings Plan which are expected
to create an additional $30 mln in annualized cost saving 
    **In connection with actions under the second phase, co
expects to record total pre-tax charges of between $10 mln and
$20 mln
    **Shares of GRPN fell 62.95% in 2022
 (Reporting by Sri Hari N S in Bengaluru)
 ((SriHari.NS@thomsonreuters.com;))