Splunk Lays off 325 employees


Splunk Inc. $96.52 0.75 (0.78%) Open $96.15 Volume 313.34K P/E Ratio N/A Div Yield N/A Market Cap $15.68B 95.84 97.34 (ticker: SPLK) announced in a filing with the Securities and Exchange Commission on Wednesday that it will be reducing its global workforce by about 4% or around 325 employees. Most of the layoffs would be in North America, Splunk said.

In a letter to employees, Splunk Chief Executive Gary Steele wrote that this decision was meant to optimize “our processes, cost structure, and how we operate globally to ensure Splunk continues to balance growth with profitability through these uncertain times and drive success over the long term.”

The software company anticipates it will record $28 million in charges from severance payments and employee benefit costs. The charges should be incurred in the first quarter of fiscal 2024.

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