Rapid7 to cut workforce amid losses

Major U.S. cybersecurity firm Rapid7 is poised to have 18% of its global workforce laid off as part of a restructuring effort, according to TechCrunch. Nearly 470 workers were reported by the Boston Globe to be laid off, with the downsizing noted by Rapid7 in a regulatory filing to lead to $24 million to $32 million in severance and other expenditures. Other office locations will also be permanently closed, according to Rapid7, which reported higher revenues but also increased losses year-over-year. "While it may be surprising to take this measure when we are meeting performance expectations, making decisions from a place of strength allows us the opportunity to restructure intentionally. This restructuring and near-term reduction will set up our teams and customers for long term success. It will increase our capacity to invest where customers need it, and give us the flexibility to scale intentionally, foster innovation, and improve processes," said Rapid7 CEO Corey Thomas in a letter sent to employees. Such employee retrenchment comes after layoffs at HackerOne and Bishop Fox.