Cloud giant F5 lays off 120 employees to ‘align investments’, HR News, ETHRWorld

According to a report in GeekWire, the F5 layoffs “align investments and resources to initiatives that accelerate our strategy to make hybrid and multi-cloud application security and delivery easier for our customers”.

The job cuts affect less than 2 per cent of the company’s workforce, which employs nearly 6,400 people.

Late last month, the Seattle-based F5 announced financial results for its fourth quarter and fiscal year ended September 30.

The fiscal year 2023 revenue grew 4 per cent from the year-ago period, to $2.8 billion, up from $2.7 billion in fiscal year 2022.

Global services revenue grew 7 per cent from the year-ago period while product revenue grew 1 per cent.

“In our fourth quarter, we delivered 11 per cent software revenue growth, operating margin improvement, and double-digit earnings per share growth,” said Francois Locoh-Donou, F5’s President and CEO.

“We enter fiscal year 2024 in an environment that seems to be stabilizing. In fact, from a demand perspective, subscription renewals performed well throughout fiscal year 2023, and we saw encouraging signs from enterprise customers in our fourth quarter,” Locoh-Donou added.

For fiscal year 2024, F5 expects revenue that is flat to a low-single-digit percentage decline from its fiscal year 2023 revenue.

In May this year, F5 opened its new engineering centre in…