03:35 PM EDT, 08/09/2024 (MT Newswires) -- Fastly (FSLY) said in a filing Thursday that it will cut its global workforce by about 11% as part of a restructuring plan to reduce expenses.

The restructuring will cost an estimated $9.5 million to $10 million in Q3, primarily covering cash expenditures for severance payments, employee benefits, and related charges for layoffs, according to the filing.

Fastly said it expects to complete the headcount reductions including cash payments by Dec. 31.

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