CrowdStrike To Cut 500 Jobs In Restructuring Effort, Reaffirms Full-Year Earnings Outlook

Benzinga

CrowdStrike said Wednesday it will cut 500 jobs, or 5% of its global workforce, according to The Wall Street Journal. The move aims to boost efficiency while continuing to hire in customer-facing and product-engineering roles. CEO George Kurtz told employees the layoffs will help the company “move faster” and maintain its cybersecurity leadership. CrowdStrike expects $36 million to $56 million in related charges, mainly in the current quarter. The company reaffirmed its full-year outlook and said first-quarter results, due June 3, should meet or exceed March guidance. Shares fell 2.2% in premarket trading.

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00:00It's Benzinga bringing Wall Street to Main Street.

00:02CrowdStrike said Wednesday will cut 500 jobs or 5% of its global workforce, according to the Wall Street Journal.

00:08The move aims to boost efficiency while continuing to hire in customer-facing and product engineering roles.

00:13CEO George Kurtz told employees the layoffs will help the company move faster and maintain its cybersecurity leadership.

00:20CrowdStrike expects $36 million to $56 million in related charges, mainly in the current quarter.

00:25The company reaffirmed its full-year outlook and said first-quarter results due June 3rd should meet or exceed March guidance.

00:33Shares fell 2.2% in pre-market trading.

00:35For all things money, visit Benzinga.com slash GSTV.

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