Starry Slashes Workforce, Refocuses on Dense Urban Markets
Fixed-wireless provider Starry announced Thursday it's cutting its workforce by 50%, or more than 500 workers, and imposing a freeze on hiring and nonessential expenditures. Starry said it's refocusing on “dense urban markets with multi-tenant buildings” and withdrawing from the…
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FCC’s Rural Digital Opportunity Fund program. The company also withdrew full-year guidance for 2022. “The aggressive measures we announced today were needed to curtail our cash burn while we pursue strategic options,” said CEO Chet Kanojia: “This is an extremely difficult economic climate and capital environment, and at present we don’t have the capital to fund our rapid growth. … Today is a very tough day for our Starry team, but I want to be clear: Starry remains open for business.” Starry stock dropped 16.67% to close at $1.10.