SFLY.O) reported a 30.6 % fall in quarterly revenue, and mentioned it could cut back its workforce by about 13 % as a part of a restructuring.

Shares of the corporate, which permits prospects to make use of their photos for picture books, playing cards and presents, tumbled about 15 % to $44 in buying and selling after the bell on Wednesday.

Shutterfly additionally posted its slowest development in income because it went public in 2006.

“Shutterfly-brand growth was offset by revenue declines in the Tiny Prints, Wedding Paper Divas, MyPublisher, and BorrowLenses brands,” Chief Executive Christopher North mentioned in a press release.

The firm, which plans to put money into a single client platform, mentioned it could consolidate its Santa Clara, California-based groups into its headquarters in Redwood City.

Shutterfly mentioned its workplaces at Santa Clara and New York could be shut.

Some companies, together with its professional gallery service, will probably be shut down and the corporate will re-invest in Tiny Prints as its premium playing cards and stationery model, making a Tiny Prints boutique on a devoted tab on Shutterfly.com.

Shutterfly additionally mentioned it could overview its BorrowLenses enterprise, which gives photographic and video tools leases, for a attainable sale.

These adjustments would occur over the course of the primary three quarters of 2017 and are anticipated to be accomplished earlier than the vacation season, the corporate mentioned.

Shutterfly mentioned it expects to incur restructuring prices of $15 million-$20 million this 12 months.

The firm’s internet revenue fell to about $91 million, or $2.63 per share within the fourth quarter ended Dec. 31, from $131.1 million, or $3.57 per share, a 12 months earlier when it recorded a tax profit.

Revenue rose 2.4 % to $561.2 million.

(Reporting by Arunima Banerjee in Bengaluru; Editing by Savio D’Souza)

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