By Sabela Ojea

Ouster said Thursday it is reducing the size of its workforce as it implements additional restructuring measures.

The provider of lidar sensors for the automotive, industrial and robotics industries didn't disclose how many employees would lose their jobs.

"We are positioning Ouster for long-term success by taking the necessary steps to reduce costs while leveraging efficiencies to grow our top line revenues and execute on our hardware and software product roadmaps," Chief Executive Angus Pacala said.

Ouster reiterated its guidance for the second quarter and said it is on track to book annualized merger-related cost synergies of at least $80 million to $85 million by the end of the fourth quarter.

Ouster and Velodyne completed a merger in February.

Write to Sabela Ojea at sabela.ojea@wsj.com

(END) Dow Jones Newswires

June 22, 2023 18:09 ET (22:09 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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