https://www.investing.com/news/economy-news/yext-announces-12-workforce-reduction-to-boost-profitability-93CH-3471417 โNEW YORK - Yext (NYSE:YEXT), Inc., a tech company specializing in AI-driven Search solutions, has announced a restructuring plan that will reduce its workforce by approximately 12 percent compared to its headcount as of January 31, 2024. This move is part of the company's strategy to lower operational costs and aim for profitable growth in the future. The restructuring is expected to be mostly completed by the end of the second quarter of fiscal year 2025. The company anticipates incurring about $5 million in restructuring costs, predominantly for severance and related benefits, with the majority of expenses projected for the second quarter of fiscal year 2025. Due to varying legal requirements across jurisdictions, some position eliminations may extend beyond the specified timeframe. As part of the organizational changes, Yext has made executive team adjustments, including the appointment of Yvette Martinez-Rea as Chief Operating Officer. Martinez-Rea will oversee the Partner team, Operations, and Strategy, and temporarily manage the Customer Success team. With the departure of Chief Product Officer Tzi-Kei Wong, Chris Brownlee will take the lead on the Product team. The company has recently achieved milestones, such as the release of new features for its Social product and the launch of a Customer Success Program. It also introduced Listing Recommendations, enhancing its offerings in the listings space. Yext maintains its focus on innovation and growth, with more product developments anticipated in the latter half of the fiscal year. Yext's CEO has acknowledged the challenging macroeconomic environment impacting the technology sector, leading to longer deal cycles and more demanding negotiations. Despite these headwinds, Yext describes itself as financially robust, with a substantial cash reserve, profitable operations, and no debt. This restructuring is portrayed as a step toward becoming a leading software company in terms of growth and profitability. The company has expressed a commitment to supporting employees affected by the restructuring. This announcement is based on a press release statement from Yext, Inc. detailing the planned workforce reduction and restructuring efforts.โ Sorry to everyone affected by the layoffs.