Canada’s Mdf Commerce reduces work force by 19% with job cuts, sale of unit

Mdf Inc.
MDF,
-2.24%
said Monday it has reduced its work force by 19% including a 10% global workforce reduction and a 9% reduction from the sale of its InterTrade unit. A company spokesperson said the company’s total workforce currently stands at about 700 employees and since October its total workforce was reduced by about 70 people. The Montreal company, which sells e-commerce software and services for the automotive aftermarket, consumer solutions, diamonds and jewelry, electronics components, information technology, telecom, and other businesses, said the job cuts are in “response to macroeconomic conditions and shifting client priorities.” The company reported third-quarter net income of 34 cents a share in Canadian dollars, an adjusted loss of 18 cents a share, and revenue of C$31.65 million, compared to analyst estimates for a loss of 7 cents a share and revenue of C$30 million, according to FactSet data. Shares of Mdf Inc. are up 11.4% in 2023, compared to a 12% rise by the Nasdaq
COMP,
+0.57%.