Following a GAAP net loss of $9.4 million or $0.12 loss per diluted share revealed in Q2 operating results, NerdWallet (Nasdaq: NRDS) will restructure and slash 15% of its workforce.
Tim Chen, co-founder and CEO of NerdWallet, said they met their topline expectations of generating $151 million in revenue but “hit an air pocket” as banking “decelerated.”
NerdWallet said it would reduce operating expenses and employee headcount by 15% of full-time employees. As part of the restructuring plans, the company will charge $8 to $10 million.
At the same time, NerdWallet expects to generate net cost savings of $30 million. An amount that may push the company back into profitability.
NerdWallet is a personal finance site that aims to educate and clarify personal finance challenges. Revenue driven from loans and credit cards have experienced a decline in revenue. The company reports 23 million monthly active users, an amount that was said to be up by 7% year over year.
