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July 30, 2018, 5:55 p.m. EDT

Castlight Health falls as Walmart plans exit

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By Stephen Nakrosis

Castlight Health Inc. /zigman2/quotes/201298689/composite CSLT +3.19% said Monday the company would undergo a "restructuring program to align its operations with its evolving business needs."

The restructuring comes about "due, in part, to the recent unexpected churn of a large customer."

During an earnings call Monday afternoon, Castlight said it was informed by Walmart Inc. /zigman2/quotes/207374728/composite WMT +2.29% that the retailer will let its contract expire at the end of the year.

The health benefits platform provider said it planned to reduce operating expenses by 10% to 15%, and that "actions associated with this program" would be largely completed by Sept. 30. Castlight expects a restructuring charge in the third quarter of 2018.

The company released its second-quarter results Monday, reporting revenue of $37.8 million, a 16% increase year-over-year. They also reiterated their 2018 outlook.

For the quarter, the company reported a loss of $14.1 million, or 10 cents a share.

Shares of Castlight Health finished Monday trading at $4.45, down 14.42% on heavy volume. In after-hours trading, shares declined 3.37% to $4.30.

--Maria Armental contributed to this article.

Company website: https://www.castlighthealth.com/

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

/zigman2/quotes/201298689/composite
US : U.S.: NYSE
$ 0.84
+0.03 +3.19%
Volume: 413,799
July 10, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$121.71 million
Rev. per Employee
$332,774
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/zigman2/quotes/207374728/composite
US : U.S.: NYSE
$ 130.68
+2.93 +2.29%
Volume: 14.75M
July 10, 2020 4:00p
P/E Ratio
24.85
Dividend Yield
1.65%
Market Cap
$361.78 billion
Rev. per Employee
$223,654
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