Boston-based cybersecurity firm Rapid7 (NASDAQ: RPD) has revealed plans for a significant restructuring that will lead to an 18% reduction in its employee headcount. The move could impact approximately 500 employees out of its total of around 2,700, with more than 700 employees located at its Boston headquarters. The company’s restructuring plan also involves the closure of certain office locations, though specifics were not disclosed. This announcement came as Rapid7 reported strong Q2 2023 results, with shares rising nearly 15% in after-hours trading.
The company’s annualized recurring revenue reached $751 million, a 14% YoY increase, and total revenue was $190 million, up 14% YoY. The company is expecting to incur charges of around $24-$32 million related to the restructuring efforts. This move is part of a broader trend in the cybersecurity industry, with several other companies also announcing layoffs in recent times to reduce costs.
Read more: https://www.securityweek.com/rapid7-announces-layoffs-office-closings-under-restructuring-plan/
