Symantec trims workforce to cut costs
Published: 16 Mar 2007 09:16 GMT
Symantec this week started sending out pink slips to employees across the company as part of a cost-reduction effort.
The Cupertino, California-based security and database-management software maker in January set a goal to reduce its cost structure by $200m. As part of that, an unspecified number of employees are now being let go, Melissa Martin, a Symantec spokeswoman, said on Thursday.
"We're reducing [our] head count cost by 5 percent," Martin said. She declined to say how many employees would be affected by the layoffs. Symantec employs about 17,500 people worldwide.
After a disappointing quarter for its enterprise business, Symantec in January said it would cut costs by $200m to align its expenses with its revenue expectations.
To achieve that target, the company said it would trim its workforce, reduce new hires, consolidate facilities and cut spending on contractors, consulting and travel.
Symantec's shares were trading at $16.51, off slightly from the $16.55 opening price on the Nasdaq exchange. The stock fell sharply in mid-January after Symantec warned that results for the three-month-period ending 29 December would be lower than forecast. For the quarter, Symantec reported net income of $114m on $1.31bn in revenue.
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