Beyond Inc (NYSE: BYON) said this week it intended to reduce its workforce by about 20%.
Reductions are expected to be implemented in the fourth quarter of 2024.
”These actions were taken to strategically create a more variable, leverageable cost structure and create a more streamlined organization to align to its asset-light business that supports an affinity and data monetization model with a strong technology focus,” the company said in a SEC filing.
The cuts are expected to lead to annualized reduction of fixed costs by nearly $20 million.
Stock Performance
The shares of Beyond Inc (BYON) closed 6.30% ($0.64) lower at $9.52 in New York on Wednesday, as they extended the losses from the previous two market sessions.
The company’s total market cap now stands at $435.547 million.
The shares of Beyond Inc (BYON) went up 43.03% in 2023, compared with a 10.99% gain for the benchmark index, NYSE Composite (NYA).
The company’s shares have retreated 65.62% so far this year.
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