F5, the cloud and security services company, recently announced that it would be implementing a 9% reduction in its workforce and cutting bonuses for senior executives as part of cost-cutting measures.

The technology sector has experienced a series of job cuts in recent months as it faces the challenges of slowing growth after a surge in digital services during the pandemic.

According to a report by Reuters, F5's downsizing strategy, which will result in job cuts impacting 623 employees, also includes reductions in spending on office space and executive travel.

"It's clear that rising interest rates, geopolitical events, and macroeconomic uncertainty have dramatically affected our customers' spending patterns... we must take measures to decrease our costs without jeopardising our future growth trajectory," CEO François Locoh-Donou said in an email to staff shared as part of an exchange filing. 

F5, headquartered in Seattle, Washington, has also revised its fiscal 2023 revenue growth forecast to "low-to-mid single-digit" from the previous projection of 9% to 11% growth. This announcement resulted in a 5% decline in the company's shares during after-market trading.