Trend Micro (OTCMKTS:TMICY) layoffs are making the rounds as the cloud security software company cuts jobs.
The Trend Micro layoffs have the company cutting 2% of its global workforce. The company last reported having 7,582 employees back in June 2023.
These new layoffs build on headcount reductions that have been taking place at the Japanese company over the last year. This comes as economic headwinds have continued to affect technology companies.
A spokesperson for Trend Micro said the following about the layoffs in a statement to CNBC:
“Trend Micro informed 2% of its worldwide team that their roles were eliminated […] This decision is in alignment with Trend Micro’s business transformation and focus on customer expansion through our platform.”
Trend Micro Continues Layoffs Trend
Several companies in the tech space have announced layoffs recently to deal with a tough economy. Other recent layoffs have seen employees at both Duolingo (NASDAQ:DUOL) and Unity (NYSE:U) announce major job cuts.
Considering all of the layoffs news we’ve seen so far in 2024, it wouldn’t be surprising for more companies to join the trend. Until inflation is under control and interest rates decline, more headcount reductions are likely in the future.
Investors who are searching for all of the latest stock market stories are going to want to keep reading!
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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.
