Yext Inc. YEXT disclosed Monday that it plans to lay off about 8% of its staff as part of a restructuring plan meant to cut costs. Once the layoffs are complete, the company, which uses artificial intelligence in search, expects to have about 1,100 employees, compared with 1,400 at the start of fiscal 2023. MarketWatch has reached out to Yext for context on the expected employee count, which is more than 8% below levels from the beginning of the fiscal year that started last February. “The restructuring includes the implementation of a new cost structure that will remove layers of management to bring the company in line with what it believes are industry best practices,” Yext said in a Monday afternoon filing with the Securities and Exchange Commission. The company anticipates that it will incur incremental restructuring costs of $2 million, most of which it expects to see in the fourth quarter of fiscal 2023. Yext maintained its prior outlook for the fourth quarter. That called for $100 million to $101 million in revenue and 2 cents to 3 cents in adjusted earnings per share. Yext shares were up nearly 2% in after-hours trading Monday.
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