Finland’s largest cyber security and privacy firm F-Secure has announced the beginning of codetermination talks that will affect the company’s entire workforce of 516 employees worldwide.
In a statement, the company said it expects to make up to 70 employees redundant as a result of the restructuring, with a maximum of 50 of this number being workers based in Finland.
F-Secure issued a profit warning in early September, and its latest interim report revealed that revenue for this year will be between 128 and 132 million euros, representing a worse-than-expected performance for 2023.
This is due to a challenging operating environment, F-Secure stated, created by uncertainties caused by the war in Ukraine as well as high inflation. This in turn has led to a drop in consumer confidence and a fall in demand.
The negotiations will begin in Finland on 30 October and will last for an estimated six weeks, with the company aiming to secure some 9 million euros in savings.
Source : YLE