Compass Shares Drop 10% on Workforce Cut Announcement 
<p><a href='https://financialmodelingprep.com/financial-summary/COMP'>Compass, Inc. (NYSE:COMP)</a> shares lost more than 10% on Tuesday following the company’s announcement, according to which it will reduce its workforce amid the housing slowdown.</p>
<p>The company said it is reducing its workforce by roughly 450 positions, or approximately 10% of the company. As part of the announcement, the company said it would wind down Modus Technologies, a wholly-owned title, and escrow software company, though the company did say it remained committed to offering title and escrow services in every market it operates.</p>
<p>The company named the workforce reduction and wind-down of Modus its ‘Strategic Actions.” According to the company, it is part of a broader plan to drive toward profitability and positive free cash flow. </p>
<p>Management also mentioned the following actions in pursuit of these goals: (1) reductions in U.S. hiring resulting from attrition, (2) a review of occupancy costs to reduce office and related costs, and (3) pausing M&A activity and new market expansions for the remainder of 2022.</p>

NYSE:COMP