On August 7, Fastly Committed To Restructuring Plan To Reduce Expenses, Including Reduction Of Global Headcount By ~11% Of Global Full Time Employees - Filing
Portfolio Pulse from Benzinga Newsdesk
Fastly has announced a restructuring plan to reduce expenses, including a reduction of its global headcount by approximately 11%. The company estimates it will incur a charge of $9.5 million to $10.0 million in Q3 2024, primarily for severance payments and employee benefits. The headcount reductions are expected to be substantially complete by the end of 2024.
August 08, 2024 | 9:47 pm
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Fastly is implementing a restructuring plan to reduce expenses, including cutting 11% of its global workforce. The company will incur a charge of $9.5M-$10M in Q3 2024, mainly for severance and benefits. The reductions are expected to be complete by the end of 2024.
The restructuring plan, including significant headcount reductions, is likely to reduce operational costs and improve profitability in the long term. The market may react positively to the cost-saving measures, leading to a potential short-term increase in stock price.
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