Acast prepares for profitable growth – intends to reduce its workforce
Prenumeration
Beskrivning
| Land | Sverige |
|---|---|
| Lista | First North Stockholm |
| Sektor | Informationsteknik |
| Industri | Kommunikation |
Acast AB (publ), the leading podcast platform and pioneer in the open ecosystem for podcasts, improves the path to future profitable growth by reviewing its organization with the intent to reduce its cost base. After an intensive period of product development and investments, focus will shift towards the creation of profitable growth in line with the company's updated financial goals - which were presented in the report for the second quarter. The cost reductions imply a decrease of the current workforce by approximately 15 percent.
"Our strategy is based on bringing together advertisers with podcast creators via our platform and delivering the absolute best podcast offering. We have been working hard for several years to develop our product to enable a seamless process for onboarding of new podcasts, as well as developing market leading advertising targeting within episodes, which is now bearing fruit. We will continue to prioritize long-term investments in both market operations and product development, but with an organization that is adapted to a new phase for the company," says Ross Adams, CEO of Acast.
In connection with the report for the second quarter, Acast presented new financial targets, which means that the company brought forward the goal of reaching positive EBITDA in 2024 instead of sometime during 2024-2026.
"In our last report, we made it clear that we have reached a turning point where we, from the current market situation, will gradually improve the EBITDA margin to profitability in 2024. This is mainly driven by the fact that we are leaving a period of heavier investments behind us, and at the same time see that we can increase our internal efficiency significantly without compromising on the quality of our delivery," says Emily Villatte, CFO and deputy CEO of Acast.
In light of the above, Acast will initiate deliberations during September.
On October 4, Acast welcomes analysts, owners and investors to a webcast capital market update where the company's strategic agenda for the next few years is to be presented. More information and an invitation will be published shortly.