Payoneer Global Inc.
PAYO,
said late Monday it’s reducing its workforce by 9% and taking a $5 million charge for severance and related expenses in the third quarter. At the end of 2022, the company reported having 2,336 employees in 41 locations across 36 countries, so roughly 210 positions are affected. The fintech company said it expects $20 million in annual savings from the move, and is still evaluating if the plan will have a positive impact to its 2023 outlook. Analysts surveyed by FactSet expect 2023 earnings of 12 cents a share on revenue of $815.7 million.
