Worldline Records Loss due to Impairment
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Worldline recorded a substantial loss for the year 2023 as its core merchant-services business suffered an impairment of 1.15 billion euros ($1.25 billion). The impact of inflation and high interest rates led to a decline in consumer spending on nonessential items.
Worldline's CEO, Gilles Grapinet, highlighted the impact of macroeconomic slowdown and consumer behavior shifts on the company's performance. Consumers have been prioritizing essential expenses such as housing and food over discretionary spending.
The termination of online merchants due to tighter regulations also affected Worldline's second half. In response to these challenges, the company plans to implement strategic changes.
Worldline aims to achieve:
In line with its adaptation strategy, Worldline announced its intention to reduce its workforce by up to 8%, equating to approximately 1,440 jobs. This restructuring effort is part of the company's commitment to enhancing efficiency and aligning with evolving consumer trends.
CEO Gilles Grapinet emphasized the need for a more streamlined and agile organizational structure to navigate the changing business landscape effectively.
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