Saturday, June 22, 2024

F-Secure Eyes $9.5M in Cost Savings With Layoffs

F-Secure has recently implemented organizational changes in order to pursue strategic growth initiatives and meet its financial targets. These changes likely involve adjustments to the company’s structure, processes, and resources to ensure they are better aligned with their goals and objectives.

F-Secure Corporation is a leading provider of comprehensive cyber security and privacy solutions on a global scale. The company is headquartered in the vibrant city of Helsinki, Finland, where it is renowned for its cutting-edge technology and innovative approach to protecting businesses and individuals from cyber threats.

The organization sells antivirus, VPN, password management, and other cybersecurity products for various devices. They also offer free tools on their website.

On September 8th, F-Secure released a statement warning investors about a reduction in their financial projections for sales and adjusted EBITA for the year 2023.

The reason for this reduction was due to their business performance falling short of their initial expectations, resulting in lower-than-anticipated income.

Due to the ongoing war in Ukraine and high inflation, this impact led to weak consumer sentiment and lower demand. This also affects F-secure employees globally.

F-Secure Eyes $9.5M in Cost Savings

According to the initial estimation, the ongoing change negotiations are likely to lead to a cutback of around 70 positions. Out of these, up to 50 positions are expected to be eliminated in Finland. However, the actual number of job losses in Finland is unlikely to exceed 10.

The upcoming modifications are anticipated to result in a yearly cost reduction of approximately 9 million euros when compared to the current operational system.

In order to accurately reflect changes, it is common practice to include one-time costs related to planned changes as items that affect comparability (IAC) in financial records.

According to Timo Laaksonen, the President and CEO of F-Secure, the decision to initiate negotiations for change may be challenging, but it is a crucial step to ensure a satisfactory level of profitability while still investing in the company’s strategic growth initiatives.

On the 30th of October, the organization will commence a series of changes, which will involve negotiations. These negotiations are expected to last for approximately six weeks, although this timeline is subject to change based on any agreements that may be reached during the process.

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