Infoblox to lay off more than 100 workers in restructuring
Struggling network-software company Infoblox Inc. announced Thursday that it would eliminate about 12% of its workforce in a cost-cutting move. After a disappointing quarterly earnings report in May, Infoblox said it would undergo a strategic review, and the results released Thursday include a reduction of about 110 jobs and revised hiring priorities. "The actions we are announcing today will make the company leaner and more efficient, and we believe will best position Infoblox to extend our industry leadership," Chief Executive Jesper Andersen said. "Many of the measures we are taking to streamline costs are structural." The company expects to incur costs of $6.5 million in the restructuring, all of which is expected to be incurred in the fourth quarter of this fiscal year. Infoblox stock has fallen 30% in the past year, but shares have rebounded from lows of less than $14; the stock closed Thursday with a 1.5% gain at $18.90.
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