Data analytics software maker Alteryx (NYSE: AYX) said first-quarter revenue rose 26% to $199 million in the first quarter, close to analysts estimates, while announcing job cuts that will affect 11% of the workforce. The company’s shares fell in after-hours trading.
Alteryx also predicted that second-quarter revenue Is expected to be in the range of $180 million to $184, either unchanged or up 2% from same quarter a year earlier. The average estimate for analysts was $205.1 million.
“Today we announced a workforce reduction plan that is expected to impact approximately 11% of our employees, primarily in the sales and marketing and general and administrative organizations,” Alteryx said in a statement today.
It added: “We estimate that we will incur charges of approximately $11 million to $13 million in connection with this plan, consisting of cash expenditures for notice and severance payments, employee benefits, and job placement services.”
Shares in Alteryx dropped almost 12% to $45 apiece for a market cap of $3.5 billion as of 4.16 p.m. in New Year.
For further details, see the May 8 print edition of the Business Journal