AppFolio (NASDAQ:APPF) said it plans to reduce its workforce by nearly 9%, or 149 employees.
“Our costs have increased considerably in this environment, and we have not scaled the business efficiently,” CEO Shane Trigg said in a letter to employees.
“A reduction in force is a last resort and we have taken many steps to lower costs this year, including investing in technology to find efficiencies, shrinking our office real estate footprint, and re-evaluating hiring needs to prioritize only the most critical roles.”
APPF stock is up 1.5% on the news.