F5 Networks laid off around 100 employees worldwide with immediate effect.
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What was the basis of these layoffs I wonder? Performance based or based on job role. Was it only 1 group affected or was this across the company?
Laid off 100+ employees is only 2% of a workforce, not a mass layoff.
There are dead wood to rid off. This is a part of doing business when F5 is changing a direction to stay alive. It's not we want to, it's we have to! Missing a $7.85 millions on sales, need to cut $7.85 millions in expenses.
As someone who was hit (in San Jose), this is definitely true.
From GW:
F5 Networks laid off a number of people across the company this week, GeekWire has learned, after two straight disappointing financial quarters hit the Seattle-based application delivery and network security company.
A F5 representative confirmed the cuts in a statement: “As part of F5’s annual strategic business review we evaluate our organizational structure and priorities. This is to align resources around our strategy for growth and to ensure we have the right teams in the right places where we are increasing our investments, especially in cloud and security.”
It’s not clear exactly how many people were affected, but sources told GeekWire the cuts came across departments as F5 apparently decided to cut costs after missing expectations for revenue last month in the midst of a product refresh. The company had 4,395 employees as of May, according to the Forbes Global 2000 list.
Yes this is true, geekwire.com has an article about this.