Smith Micro Software, Inc. (Nasdaq: SMSI) (“Smith Micro” or the “Company”) today provided an update to its previously announced cost reduction initiatives. In furtherance of these initiatives, the Company earlier this month executed workforce reductions in the United States and Portugal and announced the further reduction of its global workforce in Serbia and Slovakia. In the aggregate, these actions will result in a reduction of approximately 26% of the Company’s total global workforce. Along with these actions, the Company announced its decision to close its Slovakian operations, effective June 30, 2023.
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