Kaltura cuts 11% of workforce in another round of layoffs
Kaltura cuts 11% of workforce in another round of layoffs
The video creation and distribution company already laid off 10% of its team five months ago
Israeli-founded video creation and distribution company Kaltura announced on Wednesday that it will reduce its workforce by about 11%. This is the company’s second round of layoffs in five months after it cut its headcount by 10% last August.
Following the most recent layoffs, which will include 39 employees in Israel, Kaltura will have a total headcount of around 700, of which less than 400 are based in Israel.
The company said on Wednesday that it expects to book charges of about $16 million related to the move, which it plans to complete in the first half of the year. Kaltura shares have fallen 47% in the last 12 months. Kaltura went public in 2021 at a $1.2 billion valuation, but has seen its market cap fall to around $240 million since.
“The plan is focused on realigning the company’s operations to further increase efficiency and productivity, in reaction to the current macro-economic climate,” Kaltura said. “The plan's main objectives are to position the company for lower demand, spend, and available budgets across the company's market segments, align the company's business strategy in light of these market conditions and support the company’s growth initiatives and return path to profitability.”
