Splunk To Reduce Global Workforce By Approx. 7% - Quick Facts

(RTTNews) - Splunk Inc. (SPLK) has initiated a plan of reorganization involving approximately 7% percent of global workforce, mostly in the U.S. The company estimates that it will incur approximately $42 million in charges.

Splunk Inc. expects substantially all of the actions associated with the plan to be completed, and substantially all of the associated charges and cash expenditures to be incurred by April 30, 2024.

"The changes we are announcing are not a result of our agreement with Cisco; they are the continuation of the important initiatives we've undertaken across Splunk for more than a year to align our resources and operating structure to deliver ongoing and incremental value for our customers," said Gary Steele, President and CEO.