Sunnyvale, California, Matterport, a provider of a spatial platform to capture, store, share, and experience 3D images and models, has announced a restructuring and cost-containment initiative that will result in a 30% reduction in force.
The personnel realignment will impact 170 employees.
According to CEO R.J. Pittman...
"Today we’re making some significant changes at Matterport to help us achieve our strategic priorities faster and more efficiently. As part of our ongoing effort to optimize our global workforce and improve operating efficiency, we are reorganizing to streamline business operations. As a result, we have made the difficult decision to eliminate certain roles across the company and start the process to evaluate possible redundancies in EMEA."
"We are saying goodbye to world-class professionals who will go on to do incredible things in their careers, and we will support them in the best way we can. I send my heartfelt thanks and gratitude to each and every Matterpeep that has helped shape the very special, industry-leading company we are today."
"At Matterport, we have always been vigilant in our quest to build a lasting, scalable digital twin platform for the built world. In recent years, our ability to adapt to rapidly changing global market conditions has been vital to our continued success. The health and strength of our business is critical to ensuring we always serve our customers with world-class products and services."
“The operational adjustments we are making today will sharpen our focus, speed up execution, and accelerate our path to operational cash flow profitability, pulling it into 2024– a full year ahead of plan."
This is a pivotal time at Matterport as we accelerate toward our data-driven future. We have been on a path to unlock the full potential of the 30 billion square feet of space we have digitized through our datafication strategy, led by Property Intelligence."
"There has never been an opportunity as big as the one that stands in front of us today. My confidence in the long-term success of Matterport is as strong as ever, and this company will remain vitally important to the built world and our customers that manage it. A hearty thanks for the unwavering support of our customers, partners, investors, and most of all to our employees around the world for everything they do, and everything they have done for Matterport. Together, we've turned possibilities into realities and set the stage for our best days that are still to come. Onward!"
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?
