Biden's $400B vaccination plan Galaxy S21 preorders Google Doodle celebrates basketball inventor Drivers License breaks Spotify records WandaVision review Oculus Quest multiuser support Track your stimulus check closes UK operations, announces more layoffs shares plunged 37 cents, or 10 percent, to $3.12 Thursday after the online financial news provider said it will shutter its operations in the United Kingdom, take a hefty charge in its fourth-quarter and lay off 20 percent of its staff.

Company officials said, which accounted for about $9 million of the company's consolidated losses in the first three quarters this year, will run out of cash by year's end.

It also said it will "wind down" its joint-venture newsroom with the New York Times by the end of this month.

The layoffs will affect roughly 40 full-time employees.

"In today's environment, companies have two clear choices: chart a direct path to profitability or shut down," said CEO Thomas Clarke in a prepared release. "In light of the circumstances, and our focus on getting to profitability as soon as possible, it made sense for us to spend some money now to save a lot more later." expects to take a charge of between $6 million to $8.5 million in the fourth quarter for discontinuing operations.

Last quarter, it topped analysts' reduced estimates when it posted a loss of $8.9 million, or 34 cents a share, on sales of $6.2 million.

First Call Corp. consensus expects it to lose 31 cents a share in the fourth quarter and 94 cents a share in fiscal 2001.

The stock peaked at $22 in January before falling to a low of $2.63 in October.

Five of the seven analysts following the stock maintain a "hold" recommendation.