CyrusOne (CONE) announces workforce reduction.

CyrusOne Inc. (CONE) announced today that it will eliminate 55 staff positions representing approximately 12% of the company's workforce.  "In recognition of the continued moderation in demand from hyperscale customers, a trend we first identified in late 2018, we believe it is appropriate to reduce our cost structure to more closely align the business with current market conditions," said CEO Gary Wojtaszek.  The company also said that it expects to achieve annualized cost savings of approximately $10.7 million, and that it expects to incur a severance charge of $5.9 million in the first quarter of 2020.

01/13/2020