Seattle, Washington-based F5, a technology company specializing in application security, multi-cloud management, online fraud prevention, and networking applications, has announced a cost-cutting initiative featuring a 9% reduction in its workforce.
The reduction will impact 623 workers. Other measures include reducing executive bonuses, consolidating its real estate footprint, slowing hiring, reducing travel, and virtualizing some company events.
F5 CEO François Locoh-Donou noted, “Rising interest rates, geopolitical events, and macroeconomic uncertainty have dramatically affected our customers’ spending patterns” over the past six months. We do not believe this environment will persist, but we also do not know what the ‘new normal’ will look like when it comes. Because of this uncertainty, we must take measures to decrease our costs without jeopardizing our future growth trajectory.”
“These are extraordinary measures being taken under extraordinary circumstances.”
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?