Brief: Smith Micro Executes Cost Reduction Plans

Smith Micro Software

29/03/2023 16:14

March 29 (Reuters) - Smith Micro Software Inc  SMSI.O :
    * SMITH MICRO EXECUTES PREVIOUSLY ANNOUNCED COST REDUCTION
PLANS
    * SMITH MICRO SOFTWARE INC - EXPECTS TO REACH PROFITABILITY
NO
LATER THAN END OF Q3 OF FISCAL YEAR 2023
    * SMITH MICRO SOFTWARE INC - COMPANY EXPECTS TO REACH
PROFITABILITY NO LATER THAN END OF Q3 OF FISCAL YEAR 2023
    * SMITH MICRO SOFTWARE INC - REDUCED BASE SALARIES OF ITS
EXECUTIVE TEAM AND FEES PAID TO ITS BOARD
    * SMITH MICRO SOFTWARE INC - ANNOUNCED ITS DECISION TO CLOSE
ITS
SLOVAKIAN OPERATIONS, EFFECTIVE JUNE 30, 2023
    * SMITH MICRO SOFTWARE INC - SUSPENDED ITS QUARTERLY BONUS
PROGRAM, IN ALL CASES UNTIL COMPANY RETURNS TO PROFITABILITY ON
A NON-GAAP BASIS
    * SMITH MICRO SOFTWARE INC - TARGETING AN ADDITIONAL $4
MILLION
PER QUARTER REDUCTION IN COSTS ACROSS ORGANIZATION
    * SMITH MICRO SOFTWARE - IN AGGREGATE,  COST REDUCTION
ACTIONS
WILL RESULT IN A REDUCTION OF APPROXIMATELY 26% OF COMPANY'S
TOTAL GLOBAL WORKFORCE

Source text for Eikon:  ID:nBw4lX2qga 
Further company coverage:  SMSI.O 

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