11:40 AM EDT, 10/09/2024 (MT Newswires) -- Banzai International ( BNZI ) shares surged past 78% in recent Wednesday trading after the company said Wednesday it's launching an initiative to boost its net income.

The improvement in net income is expected to be about $13.5 million annually when the project is fully implemented, the company said.

Banzai said it plans to reach this via a decrease in annual operational expenses by up to $9.9 million by March 31, 2025, as well as a cut in other expenses by up to $3.6 million.

The project comprises a wide range of measures like workforce adjustments, operational consolidation, and other cost-cutting actions, the company said.

Price: 4.92, Change: +2.16, Percent Change: +78.26