Cybersecurity company Zscaler Inc. plans to pay off 3% of its workforce, or 150 people.
According to a filing Thursday with the Securities and Exchange Commission, the San Jose-based company plans to lay off the staff by July, the end of its 2023 fiscal year. Zscaler said that it would take charge of $8 million to $10 million resulting from the layoffs.
“After significantly growing our teams in recent years, we took a fresh look at our organization and found opportunities to streamline operations and to align people, roles, and projects to our strategic priorities,” Zscaler chief executive Jay Chaudhry said in a conference call.
“As a result of the review, we initiated our targeted cost optimization plan to drive additional operational efficiency that best positions us to deliver profitable growth.”