F5 Tower in downtown Seattle is facing job cuts impacting less than 2% of its global workforce, more than 100 positions in total, across various teams within the company. The layoffs come after the completion of its fiscal year, with the company citing the need to align resources to focus on high priority areas and meet the evolving needs of customers and business. Despite the workforce reduction, F5 reported growth in quarterly revenue and net income, with plans to further invest in its common stock repurchase program.
While F5 has experienced overall headcount growth, layoffs have been a recurring practice following annual reviews of its business operations. Past examples include layoffs in 2023, 2022, 2021, and 2019, with the CEO pausing layoffs in 2020 during the pandemic. More recently, F5 focused on marketing-related content production, shifting resources to rely more on agencies for creative and content needs. The company has not provided additional details about the recent job cuts, which impacted teams in technology services, sales, customer support, and process management.
The tech industry’s challenging job market has left many professionals searching for employment opportunities for extended periods. F5 did not disclose specific reasons for the recent layoffs but acknowledged the impact on various teams within the company. As part of its financial results, F5’s board authorized an additional $1 billion for its common stock repurchase program, with the company’s stock seeing a more than 20% increase this year. Additionally, Cooper Werner was appointed as the new chief financial officer and executive vice president, replacing Frank Pelzer, who is retiring.
In conclusion, F5 Tower in downtown Seattle has implemented job cuts affecting less than 2% of its global workforce, following the completion of its fiscal year. The company aims to align resources with high-priority areas and evolving customer needs. Despite the reduction in workforce, F5 reported growth in revenue and net income, with plans to invest in its stock repurchase program. The company has a history of periodic layoffs and recently focused on marketing-related content production before the recent job cuts. The impact on employees across various teams highlights the challenges in the tech job market, with professionals facing extended job searches. F5’s financial performance and leadership changes indicate the company’s ongoing efforts to adapt to market conditions and drive growth.
