Cybersecurity giant Cloudflare announced on Thursday that it will lay off more than 1,100 employees globally as part of a reorganization aimed at positioning the company for what executives describe as the agentic AI era. The tech company’s shares have dropped massively Friday in response to the announcement.
Business Insider reports that the workforce reduction was revealed in a memo sent to staff on Thursday, just hours after Cloudflare reported first-quarter earnings that exceeded Wall Street expectations. Despite the positive earnings report, the company’s shares dropped more more than 23.4 percent in morning trading on Friday.
The company’…
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