9% gone this Q. More to follow...
10 replies (most recent on top)
RIF is not in CEO control. Businesses are impacted by current economy, CEO has to make adjustment according to current and near term future economy environment. None of us want our team mates to lose his/her job but payroll is the biggest costs.
Once a layoff, always a layoff!
It's going to happen again. Tech giants all across the industry are being impacted. This may not happen at F5 in the next 1-2 quarters, but the new fiscal year starts on October 1st. Only time will tell. Also, with a major re-org of groups internally, the moral will head to an all time low. Expect to see changes coming again in 12-months. It started with the Security GM/EVP pushed out in January and now rumors of other high targeted names are potentially on the move. Spending close to $2B in acquisitions over the last 5 years and now the mistakes are finally showing up on the books.
reckon there will be another layoff next year, followed by either FLD being dismissed or Acquisition. F5 has failed and been badly led under the cover of 'human first' over the last 4 years. Theres no way back as people are being asked to do not just 3x but 4/5x their job spec. badly managed from the top and I hope those that are laid off are picked up quick by other companies.
F5 was an agile start-up now we have too many managers and leaders with a fixed mindset often hired from larger enterprises that are running F5 into the ground with their initiatives and red tape. These layoffs will not change anything.
Yes looks like as Ceo was unsure of going forward , he could not say definite no to layoff , most likely would happens after 2 quarters.
Re-org is well underway....And to the point, this is not over as stated above. The company has great products, but some of the acquisitions made did not make sense and it was a sense of urgency to do so.
- Most of NGINX team has been cut. PM/PMM/Marketing butchered.
- The NGINX GM is also out.
- Re-org will happen and more announcements this week, putting more pressure on existing teams to take a 1.5x to 2x workload.
- Market cannot support F5's over hiring spree the last 3 years.
- More budget cuts. Projects are being cut.
620 employees impacted. The technical/sales recruiters out there should know that F5 let go of many talented individuals and now is the time to pick up some great minds that build the company.
Tech is experiencing a downturn but FLD and the rest of the leadership team have made big mistakes: the acquisitions of several companies at inflated prices with unclear ROI; a confused software development strategy; many wrong leaders and managers hired or promoted just to meet the diversity stats.
today an email went out that many contractors wont be renewed at the end of their contracts, and their work will be picked up by remaining employees. I guess that isn't more 'layoffs' but its a big blow to a lot of projects that were upcoming.
It really isn't up to FLD, it is up to the lagging world macro economy, there are no signs that it is going to get better anytime soon, so I would expect there will be more cuts somewhere down the line.
and your source is who? I could see a slight change in October, when they usually re-org a little - but before then, doubtful. I trust FLD when he said they wanted to make one cut now so they didn't need to in the future