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.”
Company stated that it will keep hiring in certain areas.
This comes amid a downturn in the economy that has impacted many tech companies. Microsoft announced this week that it would be making layoffs. Snap, Oracle and Meta have all cut their staff. Meta and Apple also are slowing down or stopping hiring. Other companies such as T-Mobile, Compass and Leafly have been affected by recent 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. Next Tuesday, the company will release its fiscal year 2022 fourth quarter financial results.
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.