Brief: Latch Resets Cost Structure

Latch

20/05/2022 22:14

May 20 (Reuters) - Latch Inc  LTCH.O :
    * LATCH RESETS COST STRUCTURE
    * LATCH INC - ANNOUNCING REORGANIZATION OF SALES AND
MARKETING
DEPARTMENTS UNDER LEADERSHIP OF LEE ODESS
    * LATCH INC - WORKFORCE REDUCTION IMPACTS APPROXIMATELY 130
PEOPLE, OR APPROXIMATELY 28% OF LATCH'S FULL-TIME EMPLOYEES
    * LATCH INC - REDUCTION IS EXPECTED TO RESULT IN
APPROXIMATELY $4
MILLION TO $6 MILLION OF TOTAL CASH RESTRUCTURING AND RELATED
CHARGES
    * LATCH INC -  TOTAL CASH RESTRUCTURING AND RELATED CHARGES
EXPECTED TO BE INCURRED IN Q2 OF 2022
    * LATCH - EXPECTS TO ACHIEVE ABOUT $40 MILLION ANNUAL RUN
RATE
COST SAVINGS ACROSS RESEARCH AND DEVELOPMENT, SALES AND
MARKETING AND GENERAL AND ADMINISTRATIVE EXPENSES

Source text for Eikon:  ID:nGNX6hDFk2 
Further company coverage:  LTCH.O 

 ((Reuters.Briefs@thomsonreuters.com;))