F5's downsizing plan, which will affect 623 employees due to job cuts, also includes cutting back spending on office space and executive travel.
"It's clear that rising interest rates, geopolitical events,
and macroeconomic uncertainty have dramatically affected our
customers' spending patterns... we must take measures to
decrease our costs without jeopardizing our future growth
trajectory," CEO François Locoh-Donou said in an email to staff
shared as part of an exchange filing on Wednesday.
The Seattle, Washington-based company also lowered its
fiscal 2023 revenue growth forecast to "low-to-mid single-digit"
from an earlier forecast of 9% to 11% growth, sending its shares
down 5% in after-market trading.
(Reporting by Yuvraj Malik in Bengaluru; Editing by Shweta
Agarwal)
