NEW YORK (TheStreet) -- After Thursday's market close, Infoblox (BLOX) announced a series of cost cutting efforts, including eliminating about 110 jobs, or 12% of the total workforce.

The critical network services provider said most of the layoffs will be at higher cost locations and that it plans to revise its hiring priorities.

The Santa Clara, CA-based company expects to incur about $6.5 million in restructuring costs, mostly in the fiscal fourth quarter that ends in July.

"The actions we are announcing today will make the company leaner and more efficient, and we believe will best position Infoblox to extend our industry leadership," CEO Jesper Andersen said in a statement. "Many of the measures we are taking to streamline costs are structural."

Shares of Infoblox closed up 1.50% to $18.90 on Thursday. 

Separately, Infoblox has a "hold" rating and a letter grade of C- at TheStreet Ratings because of the company's revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins, which offset weak operating cash flow, unimpressive growth in net income and a generally disappointing performance in the stock itself.

You can view the full analysis from the report here: BLOX

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.

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