Zuora falls on workforce reduction plans

Zuora

06/12/2022 22:19

** Shares of cloud-based software firm Zuora Inc  ZUO.N 
fall 5% to $6.85 after market  
    ** Co says it has committed to a workforce reduction plan, 
impacting 11% of its workforce, according to a regulatory filing
    ** Expect to incur charges of about $9.5 mln consisting
primarily of termination benefits to the impacted employees,
including severance payments and healthcare benefits - Co
    ** Recognized $3.7 mln of these charges in Q3 of fiscal
2023, and expect to recognize substantially all of the remaining
charges in Q4 of fiscal 2023
    ** As of last close, stock down ~61% YTD
 (Reporting by Raghav Mahobe)
 ((Raghav.Mahobe@thomsonreuters.com;))