Spark Networks to cut two-thirds of San Francisco jobs this year, fully exit the city by mid-2020 [MarketWatch]
Spark Networks SE (LOV)
NASDAQ:AMEX Investor Relations:
investor.spark.net/investor-overview
Company Research
Source: MarketWatch
Spark Networks to cut two-thirds of San Francisco jobs this year, fully exit the city by mid-2020 Spark Networks SE LOV, -2.65% said Monday in a letter to shareholders that it expects to cut more than two-thirds of its San Francisco workforce by the end of the year, and fully exit San Francisco by the end of June 2020. The announcement comes as the dating-sites operator has previously announced that it has reduced its headcount by 40% as part of integration of the Zoosk acquisition. The Germany-based company also commented on sharp losses suffered by the stock since Zoosk deal closed on July 1, said it believes it was a result of early-stage investors in Zoosk that have chose to sell their shares. Spark said it is introducing periodic shareholder letters to assure investors. The stock, which was still inactive in premarket trading, has plunged 56.4% over the past three months, while the S&P 500 SPX, +0.31% has gained 0.7%.
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