Fastly to reduce headcount by 8%

In a regulatory filing, the company stated: “On August 7, 2024, in an effort to streamline its organization, Fastly, Inc. committed to a restructuring plan to reduce expenses, including a reduction of our global headcount by approximately 11% of our global full time employees. In connection with the Plan, the Company currently estimates it will incur a charge of between approximately $9.5 million to $10.0 million in the third quarter of 2024, which consists primarily of cash expenditures for severance payments, employee benefits, and related costs for the reduction in force and excludes an immaterial amount of non-cash charges associated with stock-based compensation. The Company expects that the headcount reductions, including related cash payments, will be substantially complete by the end of the fiscal year ending December 31, 2024.”