Nutanix Layoffs 270 Employees

This is an abstract of a SEC filing:

On August 9, 2022, Nutanix, Inc. announced a plan to reduce its global headcount by approximately 270 employees, which represents approximately 4% of the its total employees, following a review of its business structure and after taking other cost- cutting measures to reduce expenses.

The headcount reduction is part of the company’s ongoing efforts to drive towards profitable growth.

The company expects to complete substantially all of the headcount reduction by the end of the fiscal quarter ending October 31, 2022.

As a result of the headcount reduction, it currently estimates that it will incur a pre-tax charge in the range of $20 million to $25 million during the fiscal quarter ending October 31, 2022 consisting of one-time severance and other termination benefit costs, all of which are expected to result in future cash expenditures.