CrowdStrike Holdings (CRWD) shares slid Wednesday, a day after the cybersecurity company said in a regulatory filing it plans to cut roughly 500 jobs, or 5% of its workforce.

CrowdStrike "continues to scale its business with focus and discipline" toward a target of $10 billion in ending annual recurring revenue (ARR), it said Tuesday. In March, the company reported ending ARR of $4.24 billion as of Jan. 31.

CrowdStrike expects to incur between $36 million and $53 million in layoff-related charges, including $7 million in its fiscal 2026 first quarter, the filing s🥂aid. The company plans to report curre🥀nt-quarter results on June 3, with those charges excluded from its adjusted figures.

The company added it sees Q1 results "in-line with or above" its March guidance and affirmed its full-year outlook. 

AI 'Flattens Our Hiring Curve,' CEO Says

In a letter to employees, CEO George Kurtz said CrowdStrike is at a "market and technology inflection point, with AI reshaping every industry."

"AI flattens our hiring curve, and helps us innovate from idea to product faster," Kurtz added. "It streamlines go-to-market, improves customer outcomes, and drives efficiencies across both the front and back office."

Shares of Crow☂dStrike fell 5% in recent trওading but are up 23% in 2025.