A cloud computing business with a former valuation of over $2 billion has let go of 270 staff.

San Jose-based Nutanix, a provider of business cloud software, made the announcement in a Tuesday SEC filing.

The layoffs affect four percent of the company’s more than 6,000 employees worldwide.

Nutanix’s report says the layoffs will cost the business up to $25 million this quarter.

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A Nutanix representative said the layoffs followed “a comprehensive evaluation of our company structure and other cost-cutting strategies to minimize expenditures.”

They said: “As hard as it is to make decisions that impact employees, we believe this will enable Nutanix to be more efficient and flexible going forward as we navigate a challenging macroeconomic environment.

“We are committed to treating our impacted employees with respect and supporting them through the transition.”

Nutanix is a cloud storage and infrastructure provider for businesses, with customers including Home Depot and Volkswagen.

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Following a $140 million funding round in 2014, the firm had a valuation of over $2 billion, and in 2016 it went public.

Source: SFGate

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