N-Able Cuts Jobs to Better Navigate 'Challenging Macroeconomic Environment'N-Able Cuts Jobs to Better Navigate 'Challenging Macroeconomic Environment'
N-able's CEO said the business remains healthy.
December 14, 2022
N-able is the latest business in the channel to cut jobs, with layoffs impacting an undisclosed number of workers.
N-able’s John Pagliuca
CEO John Pagliuca confirmed the cuts to Channel Futures. According to its annual report, N-able had 1,399 employees as of Dec. 31, 2021.
In July 2021, SolarWinds completed its spinoff of N-able, which is now an independent, publicly traded company.
“Let me start by stressing that this kind of a decision is never an easy one to make for any company,” Pagliuca said.
As part of its annual planning process, N-able evaluated all roles and responsibilities across the company, he said.
Keep up with our telecom-IT layoff tracker to see which companies are cutting jobs and the ensuing channel impact.
“And a focused action was taken to reduce, and in some cases, restructure certain positions,” Pagliuca said. “This took place across the company, and was not focused on a particular discipline, business or location.”
Reduction and Restructure
The 5% global impact includes a combination of a reduction and restructure, he said.
N-able announced its plan to cut jobs earlier this month, Pagliuca said. The company informed all impacted employees via 1:1 discussions.
For its third quarter 2022, N-able‘s revenue totaled $93.5 million, representing about 6% year-over-year growth. Subscription revenue totaled $91.2 million, representing about 6% year-over-year growth.
N-able also reported a $28.9 million profit, compared to a $29.7 million profit for the year-ago quarter.
“As we have disclosed publicly, we delivered strong financial results for the third quarter and our business remains healthy,” Pagliuca said. “However, we felt that we must be proactive to best position our business and teams for future growth so that we can successfully navigate this challenging macroeconomic environment.”
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