Innovid will cut 10% of jobs

Advertising-technology company Innovid Corp.
CTV,
+5.94%
disclosed Monday afternoon that it intends to lay off roughly 10% of its staff. Innovid had 396 full-time employees as of Dec. 31, 2021, according to its most recent 10-K filing. The cuts come as Innovid strives for “sustainable and profitable growth,” according to its Monday filing with the Securities and Exchange Commission. The company expects that it will be finished with its job cuts by the end of the first quarter of fiscal 2023. Its shares were up more than 7% in after-hours trading Monday. They’ve fallen 64% over the past 12 months as the S&P 500
SPX,
+1.19%
has lost 9%.