An announcement from Olo ( (OLO) ) is now available.
Olo Inc. announced a 9% workforce reduction to focus on long-term growth and efficient investment allocation. The company plans to reinvest savings into critical growth initiatives, while incurring charges of approximately $2.2 to $2.6 million due to the layoffs, mainly comprising severance payments and related costs. Despite this, Olo maintains its revenue and non-GAAP operating income guidance for Q3 and the fiscal year 2024, which does not reflect the financial impact of the workforce reduction. The company’s leadership assures that the difficult decision aims to drive efficiencies and sustainable, profitable growth.
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