May 18, 2024

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F5 cutting about 100 jobs due to ‘current macroeconomic environment’ – GeekWire

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F5 cutting about 100 jobs due to 'current macroeconomic environment' – GeekWire

The F5 Tower in downtown Seattle. (GeekWire File Photo / Kurt Schlosser)

Seattle-based application security and delivery giant F5 is the latest tech company to announce that it’s laying off employees.

The company confirmed Friday that it’s cutting about 100 roles, or about 1% of its global workforce.

“We are continuously evaluating how to focus our resources to best meet the needs of our customers, while also being disciplined about our investment priorities,” an F5 spokesperson said in an email to GeekWire. “Given the current macroeconomic environment, this week we announced changes internally that resulted in the elimination of a number of positions across the company.”

The company said it will continue to hire in targeted areas.

The layoffs come amid an economic downturn that is impacting a number of tech companies. Microsoft confirmed it was making cuts this week. Tech giants including Snap and Oracle have cut staff and others such as Meta and Apple are slowing or freezing hiring. Others including T-Mobile, Compass, Leafly and DreamBox Learning have recently been impacted by layoffs.

F5 beat expectations for its third fiscal quarter in July, reporting $674 million in revenue, up 4% year-over-year, and non-GAAP earnings per share of $2.57, slightly down from the year-ago period. The company will report its fourth quarter and fiscal year 2022 financial results next Tuesday.

F5 has expanded further into software and services in recent years with the acquisition of companies including Nginx for $670 million; Shape Security for $1 billion; Volterra for $500 million; and Threat Stack for $68 million.

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