Brief: Elastic NV To Reduce Company's Workforce By Approximately 13%

Elastic

30/11/2022 21:36

Nov 30 (Reuters) - Elastic NV  3E1.F :
    * CO IS REDUCING COMPANY'S WORKFORCE BY APPROXIMATELY 13%
AND
IMPLEMENTING CERTAIN FACILITIES-RELATED COST OPTIMIZATION
ACTIONS
    * INTENDS TO REBALANCE INVESTMENTS ACROSS ALL FUNCTIONS AND
TO
STRATEGICALLY REINVEST SOME SAVINGS IN KEY PRIORITY AREAS TO
DRIVE GROWTH
    * EXPECTS TO INCUR TOTAL PRE-TAX NON-RECURRING CHARGES OF
APPROXIMATELY $32 MILLION TO $36 MILLION UNDER PLAN
    * EXPECTS TO INCUR SUBSTANTIAL MAJORITY OF THE CHARGES
DURING Q3
2023, EXPECTS TO INCUR REMAINING AMOUNT OF THE CHARGES IN FUTURE
PERIODS
    * EXPECTS IMPLEMENTATION OF WORKFORCE REDUCTIONS, FACILITIES
COST
OPTIMIZATION WILL BE SUBSTANTIALLY COMPLETED BY END OF Q1 OF
FISCAL 2024

Further company coverage:  3E1.F 
 ((Reuters.Briefs@thomsonreuters.com))