Irvine-based Autobytel Inc. said Tuesday it’s cutting 10% of its workers.
The online marketing company, which had 426 people as of December, will cut about 40 jobs.
The cuts are part of Autobytel’s efforts to cut costs and refocus its growth plan.
Autobytel said it expects to take a charge of $275,000 to $350,000 in the second quarter as a result of the job cuts.
“I have worked with the management team on a rigorous review of all operations with a focus on aligning expenses with the company’s core focus and growth opportunities,” said Chief Executive Jim Riesenbach. “These reductions in ongoing operating expenses create opportunities for us to invest in areas that I believe will yield the strongest long-term returns.”
The job cuts “should enable us to boost investment in the media and dealer marketing services portions of our business,” he said.
Riesenbach also said the company’s technology resources, which had been distributed across each of Autobytel’s business units, will be consolidated.
The cuts are the latest moves for Autobytel. In March, the company named Riesenbach chief executive and said it wouldn’t pursue a sale of the company.
