Brief: Yext Will Reduce Size Of Workforce By About 12% Of Full-Time Employees Compared To Headcount As Of Jan 31

Yext

04/06/2024 21:43

June 4 (Reuters) - Yext Inc  YEXT.N :
    * YEXT INC - PLAN WILL REDUCE SIZE OF COMPANY'S WORKFORCE BY
ABOUT
12 PERCENT OF ITS FULL-TIME EMPLOYEES AS COMPARED TO ITS
HEADCOUNT AS OF JAN 31, 2024
    * YEXT-COMMITTED TO RESTRUCTURING PLAN IN RESPONSE TO
EVOLVING
BUSINESS NEEDS TO REDUCE OPERATING EXPENSES AND POSITION CO FOR
PROFITABLE FUTURE GROWTH
    * YEXT INC - ESTIMATES THAT IT WILL INCUR AN INCREMENTAL
RESTRUCTURING CASH CHARGE OF APPROXIMATELY $5 MILLION IN
CONNECTION WITH PLAN
    * YEXT INC - EXPECTS TO INCUR MAJORITY OF THESE EXPENSES IN
Q2 OF
FISCAL YEAR 2025
    * YEXT INC - IMPLEMENTATION OF WORKFORCE REDUCTION WILL BE
SUBSTANTIALLY COMPLETE BY END OF Q2 OF FISCAL YEAR 2025

Source text for Eikon:  ID:n0001614178-24-000046 
Further company coverage:  YEXT.N 

 ((Reuters.Briefs@thomsonreuters.com;))