Brief: Valens Semiconductor Announces 15% Employee Headcount Reduction

Valens Semiconductor

08/06/2023 10:02

June 8 (Reuters) - Valens Semiconductor Ltd  VLN.N :
    * VALENS SEMICONDUCTOR ANNOUNCES A PLAN TO IMPROVE
OPERATIONAL
EFFICIENCY
    * VALENS SEMICONDUCTOR - PLAN INCLUDES A 15% EMPLOYEE
HEADCOUNT
REDUCTION ACROSS VARIOUS DEPARTMENTS
    * SAYS PLAN IS EXPECTED TO BE COMPLETED BY END OF Q3 2023
    * REITERATES ITS Q2 2023 GUIDANCE
    * Q3 2023 REVENUES ARE NOW EXPECTED TO REACH A BOTTOM, AND
TO
RANGE BETWEEN $14.0 MILLION AND $14.2 MILLION
    * FULL YEAR 2023 REVENUES ARE NOW EXPECTED TO RANGE BETWEEN
$83.8
MILLION AND $84.2 MILLION
    * EXPECTED TO SAVE APPROXIMATELY $9 MILLION ANNUALLY IN
OPERATING
EXPENSES

Source text for Eikon:  ID:nPn63vrrda 
Further company coverage:  VLN.N 

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