Rapid7 gains after announcing 18% workforce reduction plan

Rapid7

08/08/2023 23:21

** Shares of cybersecurity firm Rapid7 Inc  RPD.O  up 15.1%
at $45.80 in extended trading  
    ** Co announces restructuring plan to reduce 18% of its
employee base
    ** RPD expects to incur charges of about $24 million to $32
million related to the restructuring plan 
        ** Separately, co posts Q2 revenue of $190.42 mln vs
avg. analysts' estimate of $188.10 mln - Refinitiv
    ** For the full year, co sees total revenue in the range of
$771 million to $775 million, a reduction of $3 mln at midpoint
from earlier 
    ** Up to last close, stock was up 17.1% YTD

 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))