Amplitude announces 13% workforce reduction

In a regulatory filing, On April 3, the Board of Directors of Amplitude announced it approved a plan to reduce its global workforce by approximately 13%. The Plan is intended to improve operational efficiencies and reduce operating costs while allowing the company to scale for the future, continue its path to profitability, and deliver on its long-term vision. The company estimates that it will incur non-recurring charges of approximately $7M-$9M in connection with the Plan, consisting primarily of cash expenditures for employee transition, notice period and severance payments, employee benefits, and related costs, as well as non-cash expenditures primarily related to the vesting of share-based awards. Of the total amounts, $6M-$8M is expected to result in future cash outlay. The company expects that the majority of the restructuring charges will be incurred in the second quarter of fiscal 2023 and that the implementation of the headcount reductions, including cash payments, will be substantially complete by the end of the second quarter of fiscal 2023.