Seeing tough times ahead, Symantec plans layoffs

Symantec plans layoffs that will cut its workforce budget by 4.5 percent.

Anticipating a slowdown in IT spending, Symantec expects to begin laying off employees this month.

Symantec isn't saying exactly how many jobs it will cut, but on Wednesday Chief Financial Officer James Beer said that the company is looking to trim about 4.5 percent of the cost of its workforce. Separately, Symantec is also outsourcing some of the work done by its IT and finance departments, he said during a conference call with financial analysts.

Symantec has not yet determined how many cuts it will make to its workforce of 17,800 employees, but the layoffs will affect staff in all regions, said Cris Paden, a company spokesman. "We'll be notifying employees next month," he said.

An Australian spokesperson was unable to comment on whether cuts would take place locally and said the plan is global in nature.

On Nov. 1, Hewlett-Packard's EDS division started taking over some of the company's IT operations, and IT and finance employees will be moved off the company payroll over the next 12 months, Paden said. Those reductions have been planned for months, and are separate from the cuts announced Wednesday.

Symantec's stock [SYMC] dropped nearly 18 percent Thursday on the company's sober economic outlook and its reduced earnings expectations.

Starting in the last weeks of September, Symantec saw some "hesitation from some of our customers when it came to finalizing commitments," Beer said in an interview.

"We did see some pulling back," he added. "It was an effect that we saw in different parts of our customer base around the world."

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags symanteclay offs

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Robert McMillan

IDG News Service
Show Comments

Father’s Day Gift Guide

Brand Post

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Luke Hill

MSI GT75 TITAN

I need power and lots of it. As a Front End Web developer anything less just won’t cut it which is why the MSI GT75 is an outstanding laptop for me. It’s a sleek and futuristic looking, high quality, beast that has a touch of sci-fi flare about it.

Emily Tyson

MSI GE63 Raider

If you’re looking to invest in your next work horse laptop for work or home use, you can’t go wrong with the MSI GE63.

Laura Johnston

MSI GS65 Stealth Thin

If you can afford the price tag, it is well worth the money. It out performs any other laptop I have tried for gaming, and the transportable design and incredible display also make it ideal for work.

Andrew Teoh

Brother MFC-L9570CDW Multifunction Printer

Touch screen visibility and operation was great and easy to navigate. Each menu and sub-menu was in an understandable order and category

Louise Coady

Brother MFC-L9570CDW Multifunction Printer

The printer was convenient, produced clear and vibrant images and was very easy to use

Edwina Hargreaves

WD My Cloud Home

I would recommend this device for families and small businesses who want one safe place to store all their important digital content and a way to easily share it with friends, family, business partners, or customers.

Featured Content

Product Launch Showcase

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?