Tintri tight-lipped on UK as global job cuts begin

Channel boss confirms departure as Tintri starts plans to axe 10 per cent of workforce

Tintri has remained tight-lipped on how its global redundancy plans will affect the UK, but a UK-based senior channel manager has confirmed his departure on LinkedIn.

The recently IPOed vendor said last week that it would be cutting over 10 per cent of its workforce by the end of October to "drive efficiencies" in its sales organisation.

CRN contacted Tintri to establish whether or not the UK would be affected by the cuts but the vendor would not be drawn on specifics.

Tintri said: "On 7 September 2017, during its earnings call, Tintri committed to streamline its core business and reduce operating expenses.

"To support this initiative Tintri will be reducing headcount across a number of areas of the business through September 2017.

"This figure is a little more than 10 per cent of the company's global workforce."

On a recent earnings call Tintri said it had 584 employees worldwide.

The vendor first confirmed the redundancies in a filing with the US Securities and Exchanges Commission last week, revealing that the board of directors approved the cuts on 18 September.

"The restructuring is part of an overall plan to drive efficiencies in the company's sale organisation and other business units," the filing stated.

Tintri said it expects to shell out between $1.6m (£1.2m) and $1.8m as a result of the restructure, the majority of which will come from severance costs.

Total restructuring expenses are expected to be between $0.6m and $0.7m, again as a result of severance costs.

Tintri's former senior channel manager Mark Hughes has since confirmed his departure in a LinkedIn post.

IPO woes

Tintri's troubles have snowballed since it went public earlier this year, with its share price dropping over 50 per cent since its first day of trading.

In its most recent quarterly filing Tintri recorded a 27 per cent year-on-year revenue jump for the three months ending 31 July, up to $34.9m.

Its operating loss however doubled to $49.1m.

Numerous law firms have announced plans to take action against Tintri on behalf of shareholders since the results were released, over "possible violations of federal securities laws".