Stamford-based Pitney Bowes announces 'workforce reductions,' reports lower revenues and loss
'The trends in the first quarter were largely a continuation of the dynamics we experienced last quarter,' Pitney Chief Executive Officer and Presi...
'The trends in the first quarter were largely a continuation of the dynamics we experienced last quarter,' Pitney Chief Executive Officer and President Marc Lautenbach said in a written statement. 'Our SendTech and Presort businesses performed as expected. We remain pleased with domestic parcel improvement, network performance and volume growth, although with softer-than-expected revenue per parcel.' As it seeks to rein in costs, Pitney is implementing a restructuring plan that, combined with other 'productivity efforts,' aims for $75 million in annual expense savings by the end of 2024.