SurveyMonkey Parent Momentive Global Cuts 11% of Workforce
Momentive Global, the parent company of SurveyMonkey, lays off 11% of its staff as part of a strategic restructuring effort to improve operating margins.
Momentive Global, the parent company of the popular web-survey platform SurveyMonkey, lays off 11% of its global workforce this week. The job cuts affect employees across multiple divisions, including business development, customer support, recruitment, and sales at the company's San Mateo, California headquarters.
The company describes the reduction as a strategic shift to streamline its focus and align resources with top priorities. Momentive expects to incur between $4 million and $5 million in severance and related costs, with the majority of these expenses paid out by the end of fiscal 2022, though the process extends into 2023 in certain countries.
Despite the layoffs, Momentive reports that its quarterly sales and operating margins remain within previous guidance. This workforce reduction follows a difficult period for the company, which includes the failed $4.1 billion acquisition by Zendesk earlier this year and the subsequent launch of a $200 million share repurchase program.