- The stock price of Inpixon (INPX) increased by over 1.2% intraday today. This is why.
The stock price of Inpixon (INPX) increased by over 1.2% intraday today.
Why: Inpixon announced that it is implementing a layoff which will reduce its employee headcount by approximately 20% in connection with an initiative to reduce operating expenses.
“Over the last few years Inpixon has pursued an aggressive M&A strategy, investing in cutting edge and innovative technologies, positioning itself as an industry leader with a full-stack Indoor Intelligence solution. We believe this strategy has helped to improve and strengthen our overall financial position, however, we have to be mindful of the current economic environment. We recognize that it is imperative to take steps to conserve cash resources and to ensure that our efforts are focused on objectives that we believe will have the greatest opportunity to bring the company closer to cash flow positive and to achieving profitability. In addition to the layoff implementation, Inpixon has also taken efforts to minimize special projects that were anticipated to have a longer path to revenue generation and to streamline other operating expenses where possible.”
“Inpixon has made significant strides in the growth of our business, and we are confident in our ability to be successful in achieving our goals. We believe this reduction in headcount, along with the other cost saving initiatives are necessary and prudent given the global economic uncertainties and that they will ultimately enable us to better meet customer and shareholder needs.”
“In addition to maintaining our focus on strong organic growth, we continue to explore a variety of key strategic initiatives and will provide updates when appropriate. We believe this reorganization, designed to improved profitability, will support ongoing strategic discussions, while positioning us for long-term success.”
— Nadir Ali, CEO of Inpixon