19% cuts , severance looks decent https://investors.affirm.com/news-releases/news-release-details/message-founder-and-ceo-max-levchin/
Marked safe. Knew it was too quiet before earnings.
Damn, another one? They had one a quarter ago.
Godspeed, everyone.
Sorry for the news. Do we know if TPM team is impacted by this. I have an offer to join tpm org at affirm and have not heard back from them yet .. feeling restless ..
What is TPM?
Some more details from their SEC filing On February 8, 2023, the Company committed to a restructuring plan (the “Plan”) designed to manage its operating expenses in response to current macroeconomic conditions and ongoing business prioritization efforts. The Plan provides for a reduction of the Company’s workforce by approximately 500 employees, representing approximately 19% of the Company’s employees. In connection with the Plan, the Company is also reevaluating its need for leased office space and has decided to fully vacate a portion of its San Francisco office. The Company expects implementation of the Plan to be substantially complete by the end of fiscal 2023. The Company expects to incur approximately $35 million to $39 million in total restructuring costs, which includes cash expenditures of $24 million to $28 million relating to one-time employee severance and other employment termination benefits and non-cash expenditures of approximately $11 million relating to the acceleration of amortization expense for the lease assets that we expect to incur in connection with the partial office closure. The Company expects to record the majority of the associated charges and the majority of the associated cash expenditures in the third fiscal quarter of 2023
Really sad news for the employees. I interviewed with them in July last year and passed but was downleveled to L5, and by then they had no more headcount for anything below L6 (senior). I was surprised they were even hiring at all, their stock had fallen 80% by then and competitors like Klarna were already doing layoffs.
You were at Google when you interviewed with affirm ?
No I was at a local company
ohh boi :(. Can anyone specify what's the total count? 19% translated into a number.
I'm guessing about 500.
Was anyone from product, design, or engineering impacted?
Hiring a people officer whose last job was laying off people. Ironic that they actually acquired Fast last year and turned around and layoff people. The writing was on the wall for incompetent leadership.
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