Shares were down more than 17% after hours.
In his letter to shareholders Wednesday, Founder and CEO Max Levchin called the decision "the single most difficult one" of all the cuts the company chose to make, and said the layoffs would be effective that day. The company reported a loss per share of $1.10 for its fiscal second quarter of 2023, while analysts were anticipating a loss of 98 cents per share, according to Refinitiv. It also missed on revenue expectations, reporting $400 million in revenue for the quarter compared to analyst estimates of $416 million, according to Refinitiv.
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TechCheck CEO Max Levchin needs to resign before share holders kick him out.