Five9 Layoffs

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Five9, a San Ramon, California-based provider of contact center software, is laying off approximately 7% of its workforce, affecting fewer than 200 employees. The company, which had 2,684 full-time employees as of December 31, announced the difficult decision in August 2024 as part of a broader effort to drive profitable growth and improve margins. This restructuring follows a reduction in the company's 2024 revenue guidance and aims to manage expenses, with expected severance and related costs between $12 million and $15 million. The move is seen as a strategic step to increase shareholder value while the company continues to focus on its channel partnerships and investments in AI-driven contact center solutions.

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