Monday, July 15, 2024
Outlook India
Outlook Business

Cost Cutting

Despite posting significant revenue in the 2021-22 financial year, Open did not cross the Rs 50 crore revenue mark and its losses widened to Rs 167 crore from Rs 65.6 crore during the period

The move comes as part of Meta's "Year of Efficiency" strategy, which includes restructuring teams, cancelling lower priority projects and reducing hiring rates to flatten the organisation

The term loan B is reportedly due in 2026 and the interest rate change does not imply a default at BYJU’S end

The delay comes due to the company's changing plans around remote work and recent layoffs. However, the company remains committed to the Arlington region and plans to move forward with pre-construction work later this year

The report suggested that the Bengaluru-based MyGate has laid off employees across mid-management and junior roles

The move is said to be part of the company's ongoing cost-cutting efforts to become profitable