F5 confirms new round of job cuts, continuing annual pattern of workforce reductions
F5 continued its practice of trimming its workforce after the completion of its fiscal year, confirming Tuesday that it has made job cuts impacting roles across several teams inside the company.
The workforce reduction amounts to less than 2% of the company’s global workforce, a spokesperson for the Seattle-based application security and delivery company told GeekWire via email. F5 employs about 6,500 people, according to previous SEC filings, which means that the cuts impacted more than 100 positions.
“These changes are a part of a broader effort to align resources to our highest priority areas and ensure we are best positioned to meet the continually evolving needs of our customers and our business,” the spokesperson said.
F5’s fiscal year ended Sept. 30. The company on Monday reported quarterly revenue of $747 million, up 6% year-over-year, and GAAP net income of $165 million, up more than 8% year-over-year.
While generally growing its headcount overall, the company has made similar layoffs in the past, following its annual review of its business and operations. Previous examples include layoffs November 2023, October 2022, fall 2021 and fall 2019, according to previous GeekWire reporting and the company’s regulatory filings.
The company’s CEO, François Locoh-Donou, paused layoffs in 2020 at the height of the pandemic.
More recently, F5 laid off a smaller number of employees working on marketing-related content production, saying it was shifting marketing resources to rely more heavily on agencies for creative and content needs.
The difficult tech job market means many people across the industry are spending months looking for work.
F5 did not provide further details about the latest round of layoffs this week. Employee posts on LinkedIn and messages to GeekWire indicate that teams were impacted in areas including technology services, sales, customer support, and process management.
Reporting its financial results this week, the company said its board authorized an additional $1 billion for its common stock repurchase program. The company’s stock is up more than 20% this year.
F5 also appointed Cooper Werner as its new chief financial officer and executive vice president. Werner, who joined F5 in 2001 and was previously senior vice president of finance, will replace Frank Pelzer, who is retiring.