Symantec staff layoffs loom
The security giant plans to cull some of its global workforce.
Cutting costs in preparation for a slowdown in spending appears to be the main motivation behind the job slashing.
The company has not announced how many of its staff will lose their jobs, but the company's chief financial officer James Beer claims Symantec will look to shed around 4.5 per cent of its workforce.
The layoffs will not be confined to one particular region, and Symantec has promised to notify affected employees from its 17,800-strong global staff base - next month.
Symantec's shares recently took a battering, falling 17.7 per cent after the company played cautious over third quarter earnings.
Despite revenue rising seven per cent in the second quarter to $1.52 billion, Symantec announced expected third quarter earnings of between $1.45 billion and $1.50 billion, well below the $1.61 billion that had been anticipated.
The company blamed slow consumer spending for the gloomy outlook.
BCDR buyer's guide for MSPs
How to choose a business continuity and disaster recovery solutionDownload now
The definitive guide to IT security
Protecting your MSP and your customersDownload now
Cost of a data breach report 2020
Find out what factors help mitigate breach costsDownload now
The complete guide to changing your phone system provider
Optimise your phone system for better business resultsDownload now