Luminar Technologies Raises Number of Jobs to Be Cut Under Restructuring Plan

Dow Jones

2024-09-24

By Sabela Ojea

Luminar Technologies said it's restructuring its operations through additional layoffs.

The maker of sensors and software used for safety and autonomous-driving features on Monday said that it expects to reduce its workforce by 30% by the end of the year when compared with its early 2024 total headcount.

The company had initially guided for a 20% cut to its workforce.

Luminar Technologies said that its latest restructuring move will result in additional cash charges of $4 million to $6 million. These charges are set to be incurred primarily in the third and fourth quarters of 2024.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

September 23, 2024 16:44 ET (20:44 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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