Piedmont Lithium (ASX:PLL) nearly halved its workforce with its latest round of job cuts in October.

The miner has slashed 48% of total jobs between February and October as part of its cost savings plan, with the latest reduction in October trimming its workforce by 32%, according to a Tuesday filing with the Australian bourse.

Annual cost savings in 2024 are expected to reach $14 million, the company said.

Also, Piedmont Lithium posted record shipments of about 31,500 dry metric tonnes (dmt) of spodumene concentrate in the third quarter, up from 29,000 dmt the previous year.

Meanwhile, revenue dropped year over year to $27.7 million from $47.1 million. Analysts polled by Visible Alpha expected $25.1 million.

Adjusted net income was $16.9 million, or $0.88 per share, swinging from an adjusted net loss of $8.1 million, or $0.42 per share, a year earlier.

Piedmont Lithium shares jumped nearly 4% in recent Wednesday trade.

Price (AUD): $0.19, Change: $+0.01, Percent Change: +3.78%