BigCommerce Holdings Inc. said Thursday it plans to cut 13% of its workforce, a move that will cost it between $4.2 million and $4.6 million in its fourth-quarter results. The Austin, Texas software-as-a-service company had 1,337 employees as of Dec. 1. 31, according to its annual report. BigCommerce said the move brought forward its adjusted EBITDA break-even timeline from mid-to-late 2024 to the fourth quarter of 2023. The company will focus on “expanding its leadership in enterprise e-commerce.” It also plans to book a fourth-quarter impairment charge of $2 million to $3.2 million on its facilities. Shares of BigCommerce are down 73.7% in 2022, compared with Nasdaq’s decline of 28.6%.
(End) Dow Jones Newswires
12-15-22 0627 Eastern Time
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