BlackLine to reduce global workforce by about 5%

In a regulatory filing earlier, BlackLine disclosed that on December 7, the company announced that it is planning to reduce its global workforce by approximately 5%, or approximately 95 total positions. "The planned actions are primarily in response to cost reduction initiatives as the company continues to focus on key growth priorities. The actions are expected to be substantially completed in the fourth quarter of fiscal year 2022, subject to local law and consultation requirements, which may extend the process in certain countries. Costs associated with the reductions are not expected to be material," the filing stated. In afternoon trading, BlackLine shares have advanced $4.74, or 7%, to $68.59.