Bill Com Holdings Inc (NYSE:BILL) has announced plans to reduce its global workforce by approximately 15% and close its office in Sydney.
This strategic move is aimed at enhancing the profitability of its core business by reallocating resources to key priorities serving small and mid-size businesses.
Shares rose 3.6% on the news.
The restructuring is expected to incur charges of $29 million to $35 million, primarily consisting of cash expenditures for severance payments, employee benefits, and related costs.
The majority of these charges will be incurred in the three months ending December 31, with nearly all charges expected to be incurred by June 30, 2024.
Twilio announced yesterday it will cut another 5% of its workforce in the third round of layoffs.