Bsquare is cutting 20 percent of its workforce and shutting offices in Munich, Germany and Beijing, China, moves that come a month after its longtime CEO resigned. About 50 full-time staffers and consultants are losing their jobs.
“This restructuring is intended to reduce expenses, both service and proprietary software cost of sales and all areas of operating expenses, by approximately $4 million annually and to better align the company’s organizational structure with its strategic focus,” the company said in a SEC filing. It also noted that John Traynor, Senior Vice President, Products, will be leaving the company.
Earlier this year, the provider of mobile testing and software services said that it was disappointed with the second quarter performance, which showed a growing net loss of $805,000 and an 11 percent drop in revenue.
Bsquare’s stock is down about seven percent this year, and it now has a market value of $29.6 million.