Fastly, Inc. (FSLY): restructuring charge — Fastly announces restructuring, cutting 11% of workforce with $10M charge in Q3 2024

Fastly, Inc.

Headcount reduction of approximately 11% of global full-time employees.
Estimated restructuring charge of $9.5M to $10.0M in Q3 2024, primarily cash for severance.
Restructuring actions expected to be substantially complete by end of fiscal year 2024.
Plan aimed at streamlining organization and reducing expenses.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Fastly, Inc. announced a restructuring with charges of between approximately $9.5 million to $10.0 million (approximately 11% of our global full time employees).

Type: restructuring
Charge: between approximately $9.5 million to $10.0 million
Headcount: approximately 11% of our global full time employees

Exact text from the filing

headcount by approximately 11% of our global full time employees. In connection with the Plan, the Company currently estimates it will incur a charge of between approximately $9.5 million to $10.0 million in the third quarter of 2024, which consists primarily of cash expenditures for severance payments, employee benefits, and related costs for the reduction in

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Fastly, Inc. filing history →

Source: SEC EDGAR

accession 0001517413-24-000180

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