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Pure Storage (NYSE:PSTG) layoffs are in the news Friday on reports that the data storage technologies company is cutting 4% of its workforce.
These reports claim that the Pure Storage layoffs will see around 275 employees lose their jobs. These cuts will affect workers in the company’s data protection, artificial intelligence ( ) & analytics, database, alliances, and unstructured data divisions.
Pure Storage confirmed it recently laid off workers but didn’t say how many were affected. What it did note is that this was part of a rebalancing to better focus on key areas. It also mentions that employees were allowed to apply for other roles at the company, and those that didn’t were given outplacement services.
Pure Storage Joins Layoffs Trend
Pure Storage is far from the only company that has been announcing layoffs recently. Several have been cutting jobs as the start of a new year has them adjusting their headcount. Investors will also note that tech companies have been leading these job-cut announcements.
While the economy is recovering from increased inflation and interest rates, companies are still looking to cut costs. That means traders will likely continue to hear about layoffs in the near future.
PSTG stock is up 2.2% as of Friday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.