Outbrain to cut jobs; shares slip

Teads Holding

31/05/2023 23:32

** Shares of web recommendation firm Outbrain Inc  OB.O 
down 1.5% at $4.56 in extended trading
    ** Co announces about 10% reduction from its entire global
workforce to adjust to the continued macroeconomic uncertainty,
support its strategic growth and profitability objectives
    ** Expects to incur pre-tax cash charges of about $1 mln to
$2 mln with regard to workforce reduction
    ** As of Dec 31, 2022, OB had 1,076 employees and
contractors
    ** Up to today's close, stock had risen 27.9% in 2023

 (Reporting by Anne Florentyna Gnanaraja Sekar in Bengaluru)
 ((AnneFlorentyna.GnanarajaSekar@thomsonreuters.com;))