Informatica announces to cut 7% of its workforce
By MYBRANDBOOK
Informatica has announced that through the first quarter of 2023 the company has plans to lay off 7% of its total workforce. The company said this in a filing with the US Securities and Exchange Commission.
company expects the layoffs to better align its workforce to its cloud-focused strategic priorities and cut costs to suit current business needs. The company also said in the filing that out of more than 5,500 employees globally, almost 450 will be affected.
Informatica estimates it will incur non-recurring charges of about $25 million to $35 million in connection with the layoffs. That’s primarily related to cash expenditures for employee transition, notice period and severance payments, and employee benefits.
By the first quarter of 2023 the layoffs will be completed and there might be limited exceptions, said the company. It said the cash expenditures incurred due to the realignment plan will not reflect its earnings for the quarter ended December that will be declared in February.
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