Layoffs Announced by Matterport CEO RJ Pittman | 11 July 202318861
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 WGAN ForumFounder & WGAN-TV Podcast Host Atlanta, Georgia |
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| Video: 208. Matterport to Layoff 170 Employees (30% of Workforce) | #mttr | Video courtesy of WGAN-TV YouTube Channel | 11 July 2023 | Verbatim Reading of the Matterport Blog Post WGAN Forum Podcast | Episode Number: 208 | Verbatim Reading of the Matterport Blog Post Layoffs Announced by Matterport CEO RJ Pittman | 11 July 2023 ==== "reduction of approximately 170 roles, or 30% of its workforce", according to the Matterport 8-K filed with the SEC today. ==== Hi All, In this Matterport blog post today (Tuesday, 11 July 2023), Matterport CEO RJ Pittman announced Matterport layoffs: "Today we’re making some significant changes at Matterport to help us achieve our strategic priorities faster and more efficiently. As part of our ongoing effort to optimize our global workforce and improve operating efficiency, we are reorganizing to streamline business operations. As a result, we have made the difficult decision to eliminate certain roles across the company, and start the process to evaluate possible redundancies in EMEA," writes Pittman. "We are saying goodbye to world-class professionals who will go on to do incredible things in their careers, and we will support them in the best way we can. I send my heartfelt thanks and gratitude to each and every Matterpeep that has helped shape the very special, industry-leading company we are today," writes Pittman. "The operational adjustments we are making today will sharpen our focus, speed up execution, and accelerate our path to operational cash flow profitability, pulling it into 2024– a full year ahead of plan. We will provide more details during our next quarterly financial conference call [Tuesday, 8 August 2023]. Our core business remains strong and our diverse end markets, including enterprise, are proving the resilience of our business model in challenging market conditions for real estate," writes Pittman. Three years ago, Matterport let go 90 employees. At the time, that was one-third of Matterport employees. See more WGAN Forum posts tagged: Layoffs I have noticed that for some time now, Matterport job postings have been sparse. Today, for example, there are just four Matterport jobs listed here. Your thoughts? Dan |
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WGAN Forum Founder & WGAN-TV Podcast Host Atlanta, Georgia |
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| Hi All, WGAN Forum related discussion: => Matterport Employees That Have Been Let Go Dan |
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| Well, their customer support is almost nonexistent now. I'm sure it will get better with more layoffs...lol | ||
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WGAN Forum Founder & WGAN-TV Podcast Host Atlanta, Georgia |
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| From the Matterport Form 8-K filed with the SEC today, Tuesday, 11 July 2023: Item 2.05. Costs Associated with Exit or Disposal Activities. On July 11, 2023, Matterport, Inc. (the “Company”) announced a restructuring plan (the “Plan”) intended to reduce operating costs and continue to accelerate its path to profitable growth. The Plan includes a reduction of approximately 170 roles, or 30% of its workforce. Decisions regarding the elimination of positions are subject to local law and consultation requirements in certain countries, as well as the Company’s business needs. The Company currently estimates that it will incur charges of approximately $4 to $5 million in connection with the Plan, consisting primarily of cash expenditures for employee transition, notice period and severance payments, employee benefits, exit charges associated with office space reductions, and related costs. The Company expects that the majority of the restructuring charges will be incurred in the third and fourth quarters of fiscal 2023, and that the execution of the Plan will be substantially complete by the end of the fourth quarter of fiscal 2023, subject to local law and consultation requirements. The estimates of the charges and expenditures that the Company expects to incur in connection with the Plan, and the timing thereof, are subject to a number of assumptions, including local law requirements in various jurisdictions, and actual amounts may differ materially from estimates. In addition, the Company may incur other charges or cash expenditures not currently contemplated due to unanticipated events that may occur, including in connection with the implementation of the Plan. --- The Matterport blog post today did not include these numbers that are disclosed in the Matterport 8-K: "reduction of approximately 170 roles, or 30% of its workforce", according to the Matterport 8-K filed with the SEC today. |
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 WGAN FanClub Member Buffalo, New York |
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| On the flip side I've noticed processing has been sped up substantially. Sometimes just a few hours. What the world needs is a really good AI customer service center where you reach a live person within a second and getting all your answers to all your questions. |
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WGAN Forum Founder & WGAN-TV Podcast Host Atlanta, Georgia |
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@GETMYVR Does the WGAN chatbot (GPT4) - trained on the Matterport website - help? |
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| Seeking Alpha (12 July 2023) Matterport: Lack Of Profits Aren't The Problem | ||
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| SFGATE (12 July 2023) Unprofitable Bay Area tech firm Matterport lays off 170 workers | ||
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| Video: Matterport Layoffs do they MTTR? | Video courtesy Hopscotch Interactive YouTube Channel | 14 July 2023 @Hopscotch Transcript (video above) Emily Olman: Hey guys, it's Emily from Hopscotch Interactive. I wanted to talk to you guys about some pretty big news that has come about in the last couple of days. I wanted to break it down really quickly with my perspective because I've seen a few threads online in some groups about this topic and well, perhaps this next topic as well. Yesterday, June 12th, Matterport announced that they were going to be laying off 170 employees which is roughly 30% of their staff. Now we all know that they went public and that they haven't been doing so well recently and that they peaked around $30 a share and they've been actually under $3 a share at some point earlier this year. The real estate industry is suffering and there's a lot of things happening, new technology coming out and a lot of people are afraid of being left behind by not incorporating things like AI into their business model. Let's take a look at what's going on and see how it's going to impact Matterport. As we can see, Matterport and this is from the SFGATE, thanks to one of my clients for sharing this with me. I knew the news but I hadn't seen the article. They are laying off 170 employees and they're going to be reducing their footprint. Maybe letting go of some space, maybe they have a little bit too much space. You know what? I think that given the economy right now, as unfortunate as it is for the people who are going to be losing their jobs, I said this in one of the forums yesterday and I said, look, it's probably has a lot to do with AI or AI strategy. RJ Pittman, let go of these employees or announced that with the SEC filing that he made yesterday. As soon as he did that the stock jumped 9%. I think it went on to jump another 20% today. This is clearly something that the investor community, whether the real estate media professionals community agrees with it and Matterport users agree with it or they see it as a bad sign, as a CEO this was probably the right decision. It was the right decision for a number of reasons. Number 1, you need to make sure that you are trying to edge towards some profitability, that you don't spend all of your cash, that you make sure that you don't have redundancies, and that you don't have too many employees when you have to watch certain costs. I think from investor, shareholder, and leadership perspective, this was the right call to make. Just look at the last couple of days from at about $3 a share to 3.65. Should you worry, are you a Matterport service partner, and is anything going to change for you? Probably not. Not much is going to change for you because most likely the jobs that they are going to be letting go of are roles that were not necessarily doing anything to help you with your core business and therefore, they needed to re-calibrate that and adjust. It won't be a huge impact for you. But the thing that was notable in the article by the SFGATE is in fact exactly what I had imagined, which was that it says here along with the layoff reasoning pavements post included another of its time tech exec announcement, sorry it's hard to read. Matterport's push for profitability includes the plan to lean hard into artificial intelligence. This is true and we've known this for a while so why would we be surprised that AI, as a business strategy is already impacting the number of workers that accompany needs if they're going to be an AI-heavy company? I'm not surprised by this. In June, a month ago, they did announce the introduction of Genesis, a generative AI initiative which is basically going to be creating virtual staging, is going to be a lot of things that will enable more enterprise companies to use Matterport in a more interesting way than they're currently doing it now. I feel like this move towards using new technology with a company that has been a technology company all along is really again, not a surprise. You can go and see the website or you can see their video on the website which shows what this virtual staging will look like. I think a whole bunch of other business insights that they're going to gain. Again, I wanted to note that this was posted a month ago. But in any case, Genesis is very interesting because this is at some point in the next probably 6, 9, 12 months, we'll be seeing something very interesting coming out of this that will be a feature of the platform. Don't worry, nothing is really changing. They're probably just trying to cut the costs of their more expensive employees so that they can go in the direction of launching new things. That's the way most startups work even if their later-stage startups. Interior design spaces, design and construction energy efficiency visualizations, all the things that they've been great at. Safety and security even so, I think this is all a good thing. Again, here's another quote, "Matterport is highly focused on delivering advanced AI capabilities across the digital twin platform." Here I'll make it a little bit bigger so you guys can read it too. "To unlock new capabilities and append how we manage property and space in the built world. This will greatly simplify property marketing, space planning, construction, property management, and maintenance for all of our customers, old and new." Well, so that is very forward-looking and exciting for the folks at Matterport. But does it matter? If you look at the stock price and you look at the things that matter to investors, then yes, this was a really good decision because it immediately gave a bump to the company which they sorely needed. Is it good for the community long term? It depends. Do they value the community? I would say that they value some of the community but they don't value all of the community. But just today, I saw some really interesting posts from people that I thought were just about as cool as it could get. People posting about a temple in Thailand that they scan so that people could access that 24 hours a day. There are still people putting a lot of heart and a lot of thought into the projects they do with the technology and so I do think that it matters. I think that the question though is that what is anybody going to do if they have to answer to stakeholders and investors who have put in many millions of dollars. But don't worry because even if this is one hype cycle on AI, just wait because quantum computing is right around the corner. It wouldn't surprise me if this press release is in a few months replaced by another press release of them leaning hard into quantum or other things. Don't get too cynical about the way that things are going now, and just remember that every startup is trying to do the best it can to stay afloat and to make sure that it can attract new customers, that it can impress its investors, it can keep confidence high. Thanks for joining the conversation with me. I felt like I should weigh in on this since I've been following this for so many years and some of you have done a great job of commenting and letting me know what you think in the past. If you like the video, give me a thumbs up, say thanks, or subscribe if you haven't already. If you are a Matterport investor, I own stock in Matterport, I should probably disclose that. I bought it a long time ago and I bought some also when it was really low. I've kept investing in Matterport because whether or not it's a stock investment or it's investment with using this technology with my clients, I have always very much enjoyed it. I think it's fun. I think it does amazing things that other platforms don't do and maybe in the future others will do better. Let's see what happens again. Thank you for watching. Thank you for subscribing and for tuning in. Let's absolutely wish all those people who did get let go good luck on their next journey and see you guys soon. Thanks. Bye. |
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| Video: Matterport (MTTR) Cuts 30% Of Workforce- What Does This Mean For Matterport And The Operators? | Video courtesy of Jon MacKnight Momentum 360 YouTube Channel | 14 July 2023 | ||
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 WGANStandard Member Los Angeles |
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| Whenever I hear about any company cutting its workforce 30%, I’m always surprised that the announcement doesn’t also include a self-committed decision of the executive staff to cut their own guaranteed (monthly/annual) compensation by the same 30%. Yes, their own stock holdings and options flow with the performance of share price, but what would really be meaningful is if their guaranteed compensation (and any golden-parachute extras) are cut, emulating the company’s need for belt-tightening. My dad, who lived a long 101 years, kept mounted on his wall The Universality of the Golden Rule, a single page, substance of which you can read here: clickable text As John Lennon put it - Imagine. |
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| Video: BIG Changes Affecting Real Estate Photography, July 2023 | Video courtesy of nathan Cool Photo YouTube Channel | 17 July 2023 | ||
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| This is s reminder: I need to practice more how to make amazing 3Dvista real estate tours... | ||
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