CrowdStrike drops following mass layoffs tied to AI

CrowdStrike on Wednesday announced it would lay off 500 employees, or 5% of its workforce, to reduce costs.

The cybersecurity firm cited its “evolving operating model” as one of the primary reasons for the cuts. In a note to employees, CEO George Kurtz also pointed to AI: “AI flattens our hiring curve, and helps us innovate from idea to product faster. It streamlines go-to-market, improves customer outcomes, and drives efficiencies across both the front and back office.”

CrowdStrike shares fell 3.6% in recent trading.

The cybersecurity firm reaffirmed its annual revenue forecast and said it’ll continue to hire in “key strategic areas” this year.

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