The CEO of the Bay Area tech firm Informatica boasted about the company’s “next phase of growth” as he announced a plan to lay off 545 workers.
Informatica had a good third quarter, according to CEO Amit Walia’s comments in a press release last week. It was a “strong step forward,” he wrote, with the period “exceeding guidance for the top and bottom line.” Also, he said, the Bay Area software company will lay off 545 people.
” “Streamline our global cost structure” is one of the corporate codes — popular among tech companies in 2023 — for laying off workers. “We have strong momentum heading into the fourth quarter,” Walia continued. The company’s board also authorized a $200 million share buyback, the release says, a common sign of financial stability. The press release outlined the company’s financial trade-offs from laying off hundreds of workers and cutting its real estate holdings.
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