Five9 (FIVN) said Tuesday it plans to cut down its global full-time employees by about 7% as part of its efforts to drive growth, support long-term outlook and increase shareholder value.
The workforce reduction will cost about $12 million to $15 million including notice period and severance payments, employee benefits and related costs, according to the company.
Related expenses will be incurred primarily in Q3 and Q4 and actions related to the job cuts will be substantially complete by year-end, Five9 added.
Shares of Five9 were down 1.7% in recent trading.
Price: 34.38, Change: -0.59, Percent Change: -1.69
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments