BBTV Cuts 14% Workforce, To Focus On High Margin Drivers
BBTV Holdings (TSX: BBTV) announced on Thursday the key items within its “comprehensive cost optimization initiative.” The plan entails a 14% cut down on employee headcount.
“This review has been focused on ensuring that our core businesses deliver the best results,” said CEO Shahrzad Rafati. “We have had to make some hard choices, but this is the right moment to focus on the lines of business that create the greatest value for our customers, shareholders, and ecosystem partners.”
The initiative will also involve a shift in resource focus, particularly to its “high margin revenue drivers,” including Content Management, Direct Advertising Sales, and Mobile Gaming Apps business divisions within the firm’s Plus Solutions.
The firm expects the effects of the cost optimization would reflect in its Q3 2022 financials and onwards.
In its latest financials, covering Q1 2022, the company posted a wider net loss of $12.5 million, a decline from Q1 2021’s net loss of US$9.1 million. Operating expenses for the quarter came in at US$15.4 million, a marginal increase from last year’s US$14.7 million.
BBTV last traded at $1.52 on the TSX, then spiked up to 6% today,
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