2023-06-02 17:14:47 ET
ZoomInfo ( NASDAQ: ZI ) on Friday said it would slash its workforce by about 3%, joining several other technology companies that have cut jobs recently.
ZI stock was unchanged after hours. It earlier closed 2.1% higher at $26.45.
"On June 2, 2023, ( ZI ) notified employees of a plan to flatten the organizational structure, speed decision making, and enable investment in key opportunities for long-term growth while driving continued profitability," the company said in a regulatory filing .
In its most recent annual report filing , ZI said that it had 3,540 employees as of December 31, 2022.
ZI on Friday said it anticipated incurring restructuring charges of about $6M in connection with the job cuts, which it will primarily recognize in Q2.
The company said it would provide all impacted employees with an average of 10 weeks of severance pay, equity award vesting and a health care and education fund.
"As the Company indicated on its most recent financial results conference call, we plan to continue to hire within sales, engineering, and customer success and make investments to further leverage the Company’s generative AI capabilities," ZI added.
On ZI's latest earnings conference call in early May, CFO Cameron Hyzer, in response to a question about changes in full year headcount, had said that the company would "tactically hire where we feel that it's most important, mostly in the sales and capacity areas within sales."
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ZoomInfo Technologies to reduce workforce by about 3%