San Francisco-based technology company Splunk will lay off hundreds of workers around the globe, a filing with the United States Security and Exchange Commission announced on Wednesday.
The "reorganization" plan was accompanied by a letter from the company's CEO, Gary Steele. Around 7% of the company's roughlywould be "reduced." Splunk estimates that it will cost the company about $42 million dollars to cut ties with over 500 employees, the SEC filing states. The letter stated that employees who would be impacted by the job cuts would be informed on Wednesday. The company is offering severance packages to employees who are being let go, according to the email.
"I understand and appreciate that this news is difficult to receive. For Splunkers whose roles are impacted, I want to share my deep appreciation for the hard work and passion you have shown for Splunk and our customers. In the days ahead, let’s each continue to channel the empathy, kindness and camaraderie that have helped make Splunk and its people so special," Steele wrote.
The announcement comes amidst a challenging time for tech employees, who are facing tightening budgets and limited available roles. Several flagship tech companies across the Bay Area have announced layoffs this year includingand Waymo. According to the online job tracker Layoffs.fyi, more than 1,000 tech companies have laid off more than 247,000 employees this year alone.