![]() ![]() It could be a winner of the current AI boom - although, when their fields are expanding, most companies scale up and not down. Moving forward, investors should keep a close eye on SPLK stock as the Spunk layoffs take effect. The list of customers relying on Splunk’s solutions is long and has been growing steadily.Ĭlearly, Splunk thinks it can meet growing demand with a smaller workforce. (NASDAQ: SPLK), a data platform leader, today announced that Graham Smith, Chair of Splunk’s Board of Directors, has. Announces Strong Preliminary Fiscal 2022 Third Quarter Results, Cloud ARR Surpasses 1 Billion. The company has carved out a niche for itself, including as a player in the fast-growing artificial intelligence ( AI) market. Doug Merritt Steps Down Graham Smith, Splunk’s Chair, Named Interim CEO. But investors should also note that the job cuts announcement comes at a time when demand for Splunk’s services is rising. That fits the typical narrative surrounding layoffs. “This decision is another step in a broader set of proactive organizational and strategic changes that include optimizing our processes, cost structure and how we operate globally to ensure Splunk continues to balance growth with profitability through these uncertain times and drive success over the long term.” In a letter, CEO Gary Steele stated the following: Splunk President and CEO Gary Steele joins Fast Money to talk the companies partnership with Carnival, the benefits of A.I. That’s likely because the Splunk layoffs are seen as a cost-cutting move on behalf of management. The Splunk layoffs follow similar announcements from HubSpot (NYSE: HUBS) and Upstart (NASDAQ: UPST) - and that’s just what’s in today’s news cycle.Īs of this writing, SPLK stock is up a little more than 1% and looks poised to keep climbing. While layoffs have by no means been confined to tech, it’s difficult to ignore the many prominent Silicon Valley icons reducing their workforces lately. Tech companies implementing job cuts has been one of this year’s most dominant trends so far.
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