02:59 PM EDT, 08/20/2024 (MT Newswires) -- Five9 ( FIVN ) said Tuesday it plans to cut down its global full-time employees by about 7% as part of its efforts to drive growth, support long-term outlook and increase shareholder value.

The workforce reduction will cost about $12 million to $15 million including notice period and severance payments, employee benefits and related costs, according to the company.

Related expenses will be incurred primarily in Q3 and Q4 and actions related to the job cuts will be substantially complete by year-end, Five9 ( FIVN ) added.

Shares of Five9 ( FIVN ) were down 1.7% in recent trading.

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