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Layoffs were poorly managed and was unnecessary. Lack of guidance and communications from management
The problems FLD has with acquisitions not paying for themselves isn't going to need much more than a name change to fix.
Seattle-based app security and delivery company F5 Inc. (Nasdaq: FFIV) has laid off about 100 employees, the company confirmed to the Business Journal on Monday.
An F5 spokesperson said the company is still hiring in targeted areas.
"We are continuously evaluating how to focus our resources to best meet the needs of our customers, while also being disciplined about our investment priorities," the spokesperson said in an email to the Business Journal. "Given the current macroeconomic environment, last week we announced changes internally that resulted in the elimination of a number of positions across the company."
The company says it has about 6,900 employees.
F5 was founded in 1996 and went public in 1999. The company's services include app security, fraud prevention, cloud services and automation technology. The company acquired the app security and deployment company Volterra in January 2021 for about $500 million. F5 closed the $68 million acquisition of the cloud security company Threat Stack in October of 2021.
F5 rebranded in November 2021, dropping "Networks" from its name. The company initially started as a tool to help clients smoothly run their website, but the company has been moving further into the app and cloud spaces recently.
"Our name — F5 Networks — no longer defines who we are or what we do," Mika Yamamoto, F5's chief marketing officer, wrote in the blog post announcing the rebrand last year. "Today’s F5 isn’t just about load balancing websites. To mark this significant departure from the company founded back in 1996, I’m very excited to share today that we have taken the final steps to officially be known as F5 Inc."
In its 2022 fiscal fourth quarter earnings results, released Tuesday, F5 reported $700 million in quarterly revenue, a 3% year-over-year increase.