Everbridge, which makes software to help businesses respond to emergencies, said Wednesday it was cutting 200 jobs, or more than 10% of the business.
The cuts come after the Burlington-based company saw its stock price plummet and its revenue growth rate slow.
At around $28 per share in premarket trading on Wednesday, Everbridge’s share price is down more than 80% over the past year. In the first nine months of 2022, revenue grew less than 19% to $315 million, a slowdown from an average growth rate of 36% for the previous three years.
“2022 has been a year of transition, allowing us to focus on profitable growth as we enter the next phase of the business lifecycle towards 2023,” chief executive David Wagner said in a statement. Wagner was hired in July, after the company successfully defeated a proxy campaign by activist investor Ancora Holdings.
The company employed 1,893 people at the end of September, according to a securities filing. The current layoffs follow what the company described as “targeted realignment and downsizing” in May. Everbridge did not disclose the number of jobs cut at that time.