Citrix lost 4.2% on net income for Q4 as license sales declined. In response to the decrease in its number, Citrix will reduce 10% of its global workforce as a cost cutting measure as the downturn in the economy has hurt the demand for their technology products. The job cut is expected to save the company $50M in employee expenses yearly before taxes.
The first set of Citrix lay-offs were expected today.
Interestingly enough, Microsoft had their first ever round of layoffs last week which impacted 5,000 workers, approximately 5% of the workforce.
Through Tuesday, U.S. companies had announced more than 519,895 job cuts since Nov. 1, according to Bloomberg data.