Fastly Inc (NYSE: FSLY) said on Thursday that it intended to cut its global workforce of full-time employees by 11%, as part of a restructuring initiative.
According to a regulatory filing, Fastly Inc expects to incur a charge of $9.5 million to $10 million during the third quarter of 2024, which will mostly include cash expenditures for severance payments, employee benefits and related costs for the workforce cuts.
The headcount reduction, including related cash payments, is expected to be completed by the end of the fiscal year ending on December 31st, the company said.
Stock Performance
The shares of Fastly Inc (FSLY) closed 14.33% ($0.98) lower at $5.86 in New York on Thursday, as they extended the losses from the previous six market sessions.
It has been the steepest single-session loss for the stock since May 2nd.
The company’s total market cap now stands at $812.196 million.
The shares of Fastly Inc (FSLY) went up 117.34% in 2023, compared with a 10.99% gain for the benchmark index, NYSE Composite (NYA).
The company’s shares have retreated 67.08% so far this year.
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