Bazaarvoice (Nasdaq: BV) plans to layoff 50 employees in coming weeks as part of an effort to streamline. The move follows a relatively tough several months that saw the company’s stock reach an all-time low of $2.82.
“…there’s no other way to say it – these were incredibly hard decisions that were not made lightly,” Bazaarvoice Spokesman Andy North told Austin Inno via e-mail. “We believe in our strategy and are showing excellent progress, however in order to keep moving forward with our transformation and financial progress we had to make some very tough business decisions.”
Laid off employees will get severance packages and career assistance, North said.
“This is the first time we have had a layoff across multiple offices and, while incredibly difficult, we believe it will best position us to deliver on our strategy for success, both in the coming year and for many years to come,” he said.
The decision comes just a few weeks after Bazaarvoice celebrated its 10-year anniversary and moved into its new headquarters in the Quarry in north Austin, near MoPac and Braker Lane. After hitting its lowest price in early February, the company’s stock has rebounded to a current price of $3.53. The company’s stock ticked upwards after its third quarter results that showed revenue had increased 1.4 percent year-over-year and 2 cents earnings per share, which beat Wall Street forecasts.
Bazaarvoice employees about 855 people, including roughly 600 in Austin. The layoffs were reported earlier by the Austin Business Journal.