- Customer experience firm Sprinklr, Inc (NYSE:CXM) reportedly laid off roughly 4% of its global workforce or more than 100 employees.
- Sprinklr started the layoff drive last week and is cutting its workforce in India, the U.S., and other regions, TechCrunch reports.
- The report cited a Sprinklr spokesperson who said the “strategic business decision” affected employees across certain targeted regions, segments, and support functions.
- “While these decisions are extremely hard to make, it is the right decision for our long-term success as we shift from a capacity-driven to productivity-driven business model,” the spokesperson stated.
- On February 7, Sprinklr notified the initial batch of its affected employees. It confirmed to TechCrunch that the decision did not impact any C-level executives.
- The company had 3,245 employees as of Jan. 31, 2022. Of those, 933 were based in the U.S., and 2,312 were based internationally, including 1,580 in India.
- Sprinklt cut at least 50 roles in its global marketing department in July, the report adds.
- Sprinklr reported third-quarter revenue growth of 24% year-on-year to $157.3 million, marginally beating the consensus of $156.1 million.
- Non-GAAP EPS of $0.02 beat the consensus loss of $(0.01).
- Price Action: CXM shares traded lower by 0.09% at $11.01 on the last check Wednesday.
Wells Fargo Maintains Overweight on Coca-Cola, Lowers Price Target to $66
Wells Fargo analyst Chris Carey maintains Coca-Cola (NYSE:KO) with a Overweight and lowers the price target from $72 to $66.
