Five9 cuts ~7% of workforce; expects $12-15M in severance costs

Five9, Inc.

Reduction affects approximately 7% of global full-time employees.
Estimated aggregate costs of $12M-$15M, primarily cash severance and benefits.
Costs expected in Q3 and Q4 2024; actions substantially complete by year-end.
Plan announced alongside lowered FY2024 revenue guidance from Aug 8 call.
CEO Mike Burkland communicated the layoff via internal email on Aug 20.

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