RingCentral (RNG) to Lay-Off 50 Employees at its Headquarters - SBFT

August 5, 2022 4:09 PM EDT

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RingCentral (NYSE: RNG), the cloud communications company, is planning to lay off 50 employees at its headquarters, according to a report from the San Francisco Business Times on Friday.

Ringcentral, a provider of cloud-based communication and collaboration products and services for businesses, has seen its shares fall by around 2% during today's session.

The company reportedly revealed its plans in a notice this week, with the lay-offs occurring in two rounds of 25 at its offices in Belmont, San Francisco, on September 18 and September 25.

An email by a Ringcentral representative, seen by the SFBT, stated the lay-offs are a result of "making choices on where to invest to maximize impact, drive for greater efficiency, and optimize for growth."

"We have a team of more than 700 people locally and no plans to leave the Bay Area," they added.

The positions impacted are said to spread across the business, with only one area seeing two people with the same job title cut. However, there will be over 12 senior roles included in the lay-offs, such as a vice president of marketing operations and strategy, several senior software engineers, and a senior systems integration manager.

By Sam Boughedda

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