Five9 announced layoffs affecting 7% of its workforce to drive balanced, profitable growth and enhance long-term shareholder value, completing by year's end.
CEO Mike Burkland communicated the layoffs in an email, citing a need to focus on profitability through managing expenses while expressing a long-term positive outlook.
Despite decades of losses, Five9 has experienced significant revenue growth, indicating that investor confidence remains strong, reflecting the company's potential for future success.
The company lost a collective $229.5 million over three years but saw robust revenue increases, showing a complex interplay between financial struggles and growth potential.
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