Cybersecurity firm Varonis laid off 110 employees in November 2022, representing 5% of its then 2,270-strong workforce. Half of the cuts affected its R&D center in Israel. The publicly traded company, which develops enterprise security software, made the decision following disappointing third-quarter results that caused its share price to drop over a third. Despite holding substantial cash reserves and projecting annual revenue growth, Varonis faced market pressure after reporting lower-than-expected forecasts and an operating loss. The layoffs were part of a broader trend of cutbacks within the cybersecurity industry at the time.
