Forge Global Holdings to Cut Jobs as Part of Expense-Reduction Plan

Dow Jones08-08

By Connor Hart

Forge Global Holdings will cut its headcount by 11%, representing about 37 jobs, as it launches an expense-reduction plan that aims to make the company profitable.

The reductions are expected to improve margins and savings by an estimated $11.3 million annually, the San Francisco-based company, which provides marketplace infrastructure, data services and technology solutions, said.

The plan includes job cuts, as well as additional expense reductions.

"Because of the targeted investments we've made, we're in a position now to advance planned cost savings and deliver them to our bottom line," Chief Executive Kelly Rodriques said.

Forge, which at the end of the second quarter employed 338 workers, narrowed its net loss to $14 million, or 8 cents a share, from a loss of $25.1 million, or 14 cents a share, in last year's quarter. Analysts surveyed by FactSet expected a per-share loss of 11 cents.

Revenue rose 33%, to $22.3 million, topping the $20.5 million that analysts polled by FactSet expected.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

August 07, 2024 18:05 ET (22:05 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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