(Corrects syntax in headline)
(Reuters) – Cloud and security services firm F5 Inc said on Wednesday it was reducing its workforce by 9% and cutting bonuses of senior executives to bring down costs.
The technology industry has seen a wave of layoffs over the past few months as it grapples with slowing growth following a pandemic-led boom in digital services.
F5’s downsizing plan, which will affect 623 employees due to job cuts, also includes cutting back spending on office space and executive travel.
“It’s clear that rising interest rates, geopolitical events, and macroeconomic uncertainty have dramatically affected our customers’ spending patterns… we must take measures to decrease our costs without jeopardizing our future growth trajectory,” CEO François Locoh-Donou said in an email to staff shared as part of an exchange filing on Wednesday.
The Seattle, Washington-based company also lowered its fiscal 2023 revenue growth forecast to “low-to-mid single-digit” from an earlier forecast of 9% to 11% growth, sending its shares down 5% in after-market trading.
(This story has been refiled to fix syntax in the headline)
(Reporting by Yuvraj Malik in Bengaluru; Editing by Shweta Agarwal)
