By Katherine Hamilton
Ispire Technology said it reduced its workforce and is planning to cut costs further.
The maker of e-cigarettes and vapes said Thursday it saved $3.6 million in annual payroll in May after cutting jobs and ending several contractor agreements. It plans to reduce operating expenses by as much as $6.6 million over the next three months, bringing the total estimated annual savings to $10.2 million in fiscal 2025.
The disclosure came two days after Ispire said sales fell 13% and its loss nearly doubled in the fiscal third quarter.
Ispire also on Thursday appointed Jie "Jay" Yu as chief financial officer, succeeding James McCormick. Yu has served as Ispire's vice president of finance since June 2023.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
May 15, 2025 16:58 ET (20:58 GMT)
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