Job-hunting platform ZipRecruiter Inc. ZIP on Wednesday said it would cut roughly 270 jobs, or about 20% of its total workforce, after the company this month warned that a shakier economy had made for a more cautious hiring environment. Roughly half of the affected employees were from sales and customer support, ZipRecruiter said in a filing, adding that it expected to complete virtually all of the staff reductions by June 30. “This action was taken in response to current market conditions and after reducing other discretionary expenses, with a view toward driving long-term efficiency,” ZipRecruiter said in the filing. The company said it expected to record a pre-tax charge in the range of $7 million to $9 million during the current quarter, for severance and other termination benefit costs. ZipRecruiter also said that Ian Siegel, its chief executive, agreed to a 30% salary reduction, effective Thursday. Shares rose 1.3% after hours. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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