8x8 cuts ~7% of global workforce in restructuring to focus on XCaaS and profitability

8X8 INC /DE/

Reduction of approximately 7% of global workforce; decisions subject to local law and consultation.
Restructuring expected to be substantially complete by Q1 FY2024 (ending June 30, 2023).
Goals: improve operating margins, accelerate non-GAAP profitability and cash flow, focus on XCaaS and CPaaS in APAC.
Areas of focus include accelerating innovation, increasing XCaaS win rates, and maintaining UCaaS customer experience.
Interim CEO Sam Wilson cites strategic reallocation of resources; impacted employees being notified.

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