: PagerDuty to lay off 7% of staff as tech job cuts continue

Cloud-computing company PagerDuty Inc. is joining the growing wave of technology companies laying off staff, announcing Tuesday that it will reduce its headcount by about 7%.

The company expects to incur $5 million to $7 million in charges as a result of the layoffs, according to a Tuesday morning filing with the Securities and Exchange Commission. PagerDuty

anticipates that it will take the bulk of those charges in the fiscal fourth quarter of 2023, which ends this month, and be substantially finished with the expenditures by the close of the fiscal first quarter.

PagerDuty said in its filing that the layoffs come as it looks to “drive efficient growth and expand operating margins.” The company had 950 employees as of January 31, 2022, according to its last 10-K.

The company will also engage in “real estate rationalization,” moving to end some leases early. It expects that it will incur $14 million to $16 million in charges related to such efforts, mostly during fiscal 2024.

‘It is an employer’s market’: Tech layoffs may have turned the Great Resignation into the Great Recommitment

Additionally, Chief Revenue Officer Dave Justice will leave the company Feb. 3 to pursue other opportunities, per the filing.

PagerDuty is the latest among a host of tech companies paring back headcount. Salesforce Inc.
Amazon.com Inc.
Alphabet Inc.

and Microsoft Corp.

are some of the big names that have also reduced staff in recent weeks and months.

See more: Spotify joins Google, Intel, Microsoft, Amazon, Salesforce and other major companies laying off thousands of people

This post was originally published on MarketWatch

Share your love