An announcement from Pagaya Technologies Ltd (PGY) is now available.
Pagaya Technologies Ltd. is streamlining its operations and focusing on its most profitable strategies to enhance profitability and achieve positive net cash flow. The company has announced a workforce reduction as part of cost-saving measures expected to save about $25 million annually. These savings have led Pagaya to raise its 2024 Adjusted EBITDA outlook by $10 million, maintaining its previous projections for network volume and total revenue. The company has made forward-looking statements regarding these initiatives, which are subject to risks and uncertainties.
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