Financial-software company Bill lays off 15% of its workforce

Financial-software company Bill Holdings Inc. announced Tuesday it will lay off 15% of its workforce in an effort to “rightsize” the organization.

In addition to the job cuts, Bill
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will close its Sydney, Australia, office and consolidate other locations. Chief Executive René Lacerte announced the moves in a letter to employees, which was also posted on the Bill.com website.

San Jose, Calif.-based Bill employed roughly 2,520 people as of the end of June, with the layoffs amounting to about 378 people.

Last month, Bill shares sank about 30% after posting disappointing earnings and cutting its full-year sales outlook. At the time, Chief Financial Officer John Rettig cited a “challenging” macroeconomic climate.

“From day one, I’ve known that this race is not a sprint,” Lacerte said in Tuesday’s memo. “Creating a category and defining a market takes time, and on the journey things change. In order to continue with our mission … we need to adapt and change as well.”

“The actions announced today position Bill to deliver improved profitability without relying on interest-rate dependent float revenue,” Lacerte said.

Bill shares have sunk 41% over the past three months, and are down about 36% year to date.

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