PagerDuty (NYSE:PD) layoffs are on the way as the U.S. cloud computing company prepares to cut 7% of its workers in 2023.
According to a press release, these layoffs are set for the near term. The company also notes that this will see the company eliminate some roles while creating new ones in certain “cost-effective, high-talent geographies.”
PagerDuty says the following about its layoffs in the release:
“As part of the company’s ongoing efforts to drive efficient growth and expand operating margins, PagerDuty is advancing global scaling initiatives designed to increase PagerDuty’s capacity, growing quota carrying and engineering headcount, while improving its cost structure. The changes include reallocating certain roles and realigning teams to continue to improve operational resiliency and agility, and rationalizing the company’s real estate footprint.”
What’s Behind the PagerDuty Layoffs?
The economy has been weighing on tech companies. This comes as rising inflation and recession concerns reduce consumer spending. That in turn affects advertisers and several other connected companies.
PagerDuty isn’t the only company that has announced layoffs recently. There are plenty of other examples of companies reducing their headcounts due to the current economic situation. Investors will also likely see more of this kind of news in the coming months.
Today’s layoff news has PD stock down 5% as of Tuesday morning.
Investors looking for more of the latest stock market news are in the right place!
We’ve got all of the hottest stock market news traders need to know about on Tuesday! That includes what’s happening with shares of Lululemon Athletica (NASDAQ:LULU), Mullen Automotive (NASDAQ:MULN) and MicroCloud Hologram (NASDAQ:HOLO) stock today. You can read up on all of that news at the links below!
More Tuesday Stock Market News
- Lululemon (LULU) Stock Dips 3% on Analyst Downgrade
- MULN Stock Alert: Mullen Confirms Reverse Stock Split
- Why Is MicroCloud Hologram (HOLO) Stock Moving Today?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
