Ncino to cut workforce by 7%, shares fall

nCino

19/01/2023 18:42

** Shares of cloud-based software provider nCino Inc
 NCNO.O  down 5% at $26.69 
    ** On Wednesday, co announced about 7% cut in workforce;
also plans to reduce office space in certain markets
    ** Pursuant to the workforce and office space reduction
plan, company expects to incur charges of $4.5 mln-$5.0 mln in
Q4
     ** Expects actions related to office space reductions to be
fully completed in 2024 
    ** Company to pay severance and related benefit costs for
terminated employees and lease exit fees in Q1 of 2024
    ** Greg Orenstein to succeed David Rudow as co's finance
chief; Current CFO to exit company, effective Jan. 31
 urn:newsml:reuters.com:*:nGNE7PSQ1Q
    ** Co also reaffirmed Q4 and FY 2023 financial guidance 
    ** NCNO stock fell 51.8% in 2022
 (Reporting by Aparupa Mazumder)
 ((Aparupa.Mazumder@thomsonreuters.com;))