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F5 announced a workforce reduction on April 19, 2023—not a new 2026 layoff. The company said it would cut approximately 620 jobs, about 9% of its workforce; GeekWire reported that 623 employees were affected. F5 also planned to reduce parts of its facilities footprint and said the cost measures were intended to address uncertainty in customer demand.
How many employees did F5 lay off?
F5’s April 19, 2023 announcement said it would reduce global headcount by approximately 620 employees, or approximately 9% of its workforce. GeekWire reported the more specific figure of 623 workers affected. These are differently precise figures from separate sources, not a reason to treat the company’s rounded estimate as an exact count. F5 later described the fiscal 2023 restructuring in its fiscal 2025 annual report as affecting approximately 620 employees, or approximately 9% of its global workforce as of April 19, 2023. F5’s announcement; GeekWire’s report; F5 fiscal 2025 annual report.
F5 said most workforce actions were expected to be completed by April 21, 2023. In EMEA and parts of APAC, consultation was to continue as required by local laws. That announced timetable does not establish when every individual action was completed.
Why was F5 consolidating offices?
F5 said it would reduce, and in some cases eliminate, portions of its facilities footprint as part of a broader effort to lower operating costs. GeekWire characterized the plan as office consolidation. F5’s announcement did not identify specific offices or locations, so it does not establish which sites were affected or whether particular consolidations were ultimately completed.
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The company also described other cost controls, including closer scrutiny of discretionary projects, reduced travel, and a substantially smaller 2023 corporate bonus pool. GeekWire additionally reported changes to executive bonuses and that some company events would move to virtual formats.
How much money did F5 expect to save?
F5 estimated approximately $130 million in annualized savings from the cost-reduction actions. Separately, it estimated approximately $45 million in fiscal 2023 severance benefits costs and other related charges. The first figure is an annualized savings estimate; the second is an estimate of costs in fiscal 2023, so they describe different measures and periods. Neither figure establishes the final savings or total eventual cost.
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What reason did F5 give for the layoffs?
F5 attributed the cuts to the demand environment and pressure on customer spending amid macroeconomic uncertainty. CEO François Locoh-Donou said the company was reducing operating costs while prioritizing initiatives and innovations he said would deliver the most benefit to customers. In the employee memo quoted by GeekWire, he cited rising interest rates, geopolitical events, and macroeconomic uncertainty as factors that had affected customers’ spending patterns. These are F5’s stated rationale, not independently established causes of the restructuring.
The announcement came with F5’s Q2 FY2023 results. The company reported quarterly revenue of $703 million, up 11% year over year, while forecasting low-to-mid single-digit revenue growth for fiscal 2023 in light of persistent macro uncertainty and its effect on customer spending. Quarterly revenue growth and a forward-looking cost reduction can coexist: the reported quarter described past performance, while the company pointed to uncertainty about future demand.
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What support did F5 offer affected employees?
GeekWire reported that F5 offered severance, outplacement assistance, and immigration support to affected workers. The report does not establish the terms or amount of severance for individual employees, or the details of the other support. Employees’ eligibility and entitlements may also depend on their circumstances and applicable local requirements.
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What the available figures do—and do not—show
- Headcount: F5’s official figure was approximately 620 employees, or about 9%; GeekWire reported 623 affected workers.
- Savings and costs: The approximately $130 million figure was annualized estimated savings; approximately $45 million was estimated fiscal 2023 severance and related charges.
- Facilities: F5 announced a broad reduction to portions of its facilities footprint. The cited announcement did not name offices or confirm final implementation.
- Timing: F5 announced the actions on April 19, 2023, with most workforce actions expected by April 21, subject to continuing consultations in specified regions.
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