Juniper Networks will trim over 400 employees across its global locations in a bid to cut costs.
The layoffs will result in an estimated cost of $59 million.
The telecom equipment maker expects $40 million of this cost to be allocated to severance and termination expenses.
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An additional $19 million will be for other restructuring-related costs.
This move is part of a broader restructuring plan that Juniper had previously announced.
Juniper said: “The [plan] is the result of a thorough review of the Company’s business objectives, and is intended to focus on realigning resources and investments in long-term growth opportunities.
“The Company believes the Plan will further allow it to continue to prudently manage operating expenses in order to deliver improved operating margin.”
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Juniper Networks expects to complete most of these layoffs by the end of the first quarter of the 2024 fiscal year, which concludes in March.
However, the company also cautioned that certain job eliminations may be subject to local laws and consultation requirements.
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It potentially extends the workforce reduction process in specific countries beyond the stated timeline.
CEO Rami Rahim said: “I remain extremely encouraged by the momentum we’re seeing in our enterprise business, which delivered record revenue results and accounted for more than 45% of our total revenue, representing both our largest and fastest growing vertical for a third consecutive quarter.”
