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
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.