AppFolio (APPF) to cut 9% of its workforce

AppFolio (NASDAQ: APPF) said it plans to reduce its workforce by nearly 9%, or 149 employees.

“Our costs have increased considerably in this environment, and we have not scaled the business efficiently,” CEO Shane Trigg said in a letter to employees.

“A reduction in force is a last resort and we have taken many steps to lower costs this year, including investing in technology to find efficiencies, shrinking our office real estate footprint, and re-evaluating hiring needs to prioritize only the most critical roles.”

APPF stock is up 1.5% on the news.

By Senad Karaahmetovic

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