Boingo cuts 16% of workforce as part of restructuring
Summary
Boingo Wireless disclosed last week that it was eliminating about 80 positions, or 16% of its workforce, as part of a restructuring designed to increase profitability. The company revealed in a Securities and Exchange Commission filing that it expects to record a restructuring charge during the quarter ended Dec. 31, 2019, of about $2.2 million, primarily related to employee severance and benefit costs. In a statement, the company said its business has changed significantly over the past few years, with the growth of distributed antenna systems (DAS), carrier offload, and the building-out of coverage on military bases and in multifamily dwelling units. “Core products include Carrier Services (DAS, Offload, 5G, CBRS), Military and Multifamily. “While this difficult step was a necessary one, it will not impact our strategy of continuing to acquire key strategic venues to monetize with our carrier services technologies.