(Reuters) - CrowdStrike reiterated its fiscal 2026 first quarter and annual forecasts on Wednesday and announced a plan to cut about 500 roles, roughly 5% of its workforce, to reduce costs.

The cybersecurity company will incur about $36 million to $53 million in charges related to the layoffs, of which about $7 million will be recognized in the first quarter ended April 30, it said in a regulatory filing.

The Austin, Texas-based company said the rest of the charges will be seen in the second quarter. The charges primarily consist of future cash expenditure related to severance payments, employee benefits and related costs.

CrowdStrike had 10,118 full-time employees as of January 31, according to its annual report.

Cybersecurity remains a priority for businesses and governments at a time when high-profile hacking incidents have hit companies such as Microsoft MSFT.O, UnitedHealth Group UNH.N and Walt Disney DIS.N.

Analysts have said CrowdStrike's prompt handling of the Windows outage last year, which disrupted internet services globally, helped the company maintain customer trust.

CrowdStrike maintained its full-year 2026 revenue forecast to be between $4.74 billion and $4.81 billion and reaffirmed its annual adjusted profit per share estimate of $3.33 to $3.45.

The company's quarterly forecast for first-quarter revenue was between $1.10 billion and $1.11 billion.

It will release the financial results for its first quarter on June 3.