Five9 to cut workforce by 7% amid efforts to boost profitability
By Denny Jacob
Five9 (FIVN) will reduce its workforce by about 7% as it looks to drive more profitable growth.
The call-center software firm estimates the aggregate costs associated with the plan to be between $12 million and $15 million, according to a securities filing, with the expenses expected to be incurred primarily in the third and fourth quarters.
The layoffs are expected to be substantially complete by the end of the year.
"Five9 is focused on driving shareholder value by increasing revenue, improving profitability, investing in our key strategic initiatives, and delivering for our customers," said Chief Executive Mike Burkland in an email to employees regarding the workforce reduction.
Five9 had 2,684 employees as of Dec. 31, according to a securities filing.
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08-20-24 1719ET
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