By Stephen Nakrosis
LiveRamp Holdings, Inc. said it plans to cut its workforce by about 10% of full-time employees, as part of a broader strategic realignment.
The company also said it would reduce its real estate footprint, in addition to a prior reduction in the second quarter of its fiscal year.
The moves are expected to save $30 million to $35 million a year, the company said.
The software-as-a-service company also said it estimates it will incur approximately $5 million in restructuring and related costs “primarily related to severance and employee benefits.” The company expects approximately $14 million to $17 million in property restructuring charges.”
LiveRamp said it expects to incur nearly all of these charges in the third and fourth quarters of its 2023 fiscal year.
Shares of the company hit a 52-week low at $15.86 per share and ended the day with a loss of 1.52% at $16.20 per share.
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