Business cuts jobs to reduce costs – Bloomberg News

Spread the love

Nov 20 (Reuters) – Software company cut jobs last week, citing employee performance and the need for cost savings, Bloomberg News reported on Monday.

Employees were fired across departments, the report said, citing people familiar with the matter. In a meeting Thursday with hundreds of workers, an executive said needed to reduce costs, the report added.

Managers framed the cuts as related to the performance of the individual workers rather than layoffs, and many of those fired received only one month of severance, according to the report. did not immediately respond to Reuters’ request for a comment.

The software company had 914 full-time employees, with 746 based in the United States and 168 in its international locations, as of April 30, according to a regulatory filing. in September had scrapped its quarterly forecast that it would be profitable by the end of the fiscal year as it looks to invest further in its generative AI offerings.

(Reporting by Samrhitha Arunasalam in Bengaluru; Editing by Shilpi Majumdar)

EMEA Tribune is not involved in this news article, it is taken from our partners and or from the News Agencies. Copyright and Credit go to the News Agencies, email [email protected] Follow our WhatsApp verified Channel210520-twitter-verified-cs-70cdee.jpg (1500×750)

Support Independent Journalism with a donation (Paypal, BTC, USDT, ETH)

News Agencies

About Author

The latest news from the News Agencies

You may also like

exotic expansion llc best stock picking services

Exotic Expansion LLC: Is it one of few Best Stock Picking Services?

Spread the loveExotic Expansion LLC: You may have wondered once in a life that if you had someone who can
investing in cryptocurrencies

Are you investing in cryptocurrencies? 4 important points before you invest

Spread the loveInvesting in cryptocurrencies Driven by financial backers’ energy, the cryptographic money market as of late crossed the $3