Phunware Layoffs
July 2023
Phunware announced a layoff affecting 0 employees in July 2023. The company operates in the Other sector.
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Jul 20, 2023
About
Software developer Phunware announced on Thursday that it will lay off approximately 33% of its workforce as part of a series of cost-cutting measures. The company, which operates in the technology and software industry, expects these actions to result in annual savings of over $5 million. Phunware's CFO stated that streamlining operations and reducing non-essential expenses are aimed at lowering operating costs, improving financial performance, and enhancing shareholder value. The announcement coincided with a decline in the company's stock, which has fallen about 52% year-to-date.
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