Israeli video cloud platform Kaltura (Nasdaq: KLTR) has announced that it is laying off 10% of its workforce in its second quarter 2022 financial results. At the end of 2021, the company had 758 employees. Kaltura is in the midst of thwarting a hostile takeover bid from US rival Panopto.
Kaltura cofounder, chairman and CEO Ron Yekutiel said, "Given the macroeconomic outlook we are implementing a cost-reduction and re-organization plan that includes, among other things, downsizing approximately 10% of our employee base. Our re-organization plan is heavily focused on realigning our operations to further increase efficiency and productivity. We believe this necessary action will accelerate our return to the profitable growth that we achieved in previous years."
The company added that 30 of the layoffs are in Israel.
Kaltura, which provides video management systems for organizations, business and media companies, held its IPO in 2021 at $10 per share and a valuation of $1.24 billion. Since then the share price has fallen 73% and today the company has a market cap of $340 million.
Kaltura reported $42 million revenue in the second quarter of 2022, an increase of 1% compared to $41.6 million in the second quarter of 2021. Non-GAAP net loss was $10.9 million or $0.08 per share in the second quarter of 2022, compared with a non-GAAP net loss of $4.2 million, or $0.04 per share, in the second quarter of 2021.
Published by Globes, Israel business news - en.globes.co.il - on August 9 2022.
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