Digimarc Corporation (DMRC) saw its stock plummet by over 20% in pre-market trading on Thursday, following the release of its disappointing fourth-quarter earnings results and the announcement of a significant workforce reduction as part of a restructuring plan.
The online marketing company reported a wider net loss of $8.65 million, or $0.40 per share, for the fourth quarter, compared to a loss of $10.6 million or $0.52 per share in the same period a year ago. Revenue also declined by 6.7% to $8.66 million, missing analysts' expectations.
In an effort to achieve profitability goals, Digimarc announced a restructuring plan that is expected to impact up to 90 employees, or approximately 36% of its workforce. The company stated that the cuts would reduce its annualized cash expenses by $16.5 million and result in about $5.5 million of other annualized cash cost savings.
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