Brief: Oportun Announces Plan To Streamline Operations

Oportun Financial

09/02/2023 21:44

Feb 9 (Reuters) - Oportun Financial Corp  OPRT.O :
    * OPORTUN ANNOUNCES PLAN TO STREAMLINE OPERATIONS
AND PROVIDES
PRELIMINARY FOURTH QUARTER FINANCIAL RESULTS
    * OPORTUN FINANCIAL CORP - TAKING SERIES OF COST REDUCTION
MEASURES THAT INCLUDE DECISION TO REDUCE SIZE OF OUR CORPORATE
STAFF BY APPROXIMATELY 10%
    * OPORTUN FINANCIAL CORP - REDUCING SIZE OF CORPORATE STAFF
BY
10%, IMPACTING ABOUT 155 EMPLOYEES, AND REDUCING ITS
EXPENDITURES ON EXTERNAL CONTRACTORS
    * OPORTUN FINANCIAL CORP - EXPECTS TO INCUR NON-RECURRING,
PRE-TAX
CHARGES OF $5 MILLION TO $6 MILLION IN Q1 OF 2023
    * OPORTUN FINANCIAL - SEES REDUCTIONS TO RESULT IN
ANNUALIZED
RUN-RATE SAVINGS IN COMPENSATION AND BENEFITS OF APPROXIMATELY
$38 MILLION BEGINNING IN 2023
    * OPORTUN FINANCIAL CORP - SEES Q4 TOTAL REVENUE TO BE ABOUT
$262
MILLION, AND ADJUSTED NET INCOME TO BE WITHIN RANGE OF $3
MILLION TO $5 MILLION

Source text for Eikon:  ID:nGNX4CvhVl 
Further company coverage:  OPRT.O 
 ((Reuters.Briefs@thomsonreuters.com;))