New Relic is the latest Oregon tech employer to cut jobs

Published 9:56 am Thursday, August 18, 2022

PORTLAND — Web services provider New Relic said Thursday it plans to eliminate 110 jobs, 90 of them in the U.S., to “focus its resources on top priorities.” It’s the latest in a string of layoffs in Oregon and Southwest Washington.

New Relic said it would record up to $9.3 million in costs associated with the layoffs and other restructuring expenses. The cuts represent approximately 5% of its workforce.

New Relic’s software helps organizations monitor visits to their websites and online tools, information clients use to optimize their performance. The company made a series of big changes to the organization over the last two years, replacing its CEO and revamping its pricing model in an effort to improve its financial performance. It laid off 160 in April 2021 in a prior restructuring.

New Relic’s headquarters are in San Francisco but its engineering office is in downtown Portland. The company has long been among the city’s largest technology employers, with as many as 600 workers assigned to its offices at the U.S. Bancorp Tower.

The shift to remote work may have changed that tally. New Relic didn’t immediately respond to a question Thursday about how many it employs in Portland or how Thursday’s layoffs will impact operations here.

New Relic shares fell 2.7% in early trading Thursday, to $65.27. The stock has traded between $41.66 and $129.70 in the past year.