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Symantec to cut 1200 positions, USD 400 mln in costs
2016-05-13 11:06:00| Telecompaper Headlines
(Telecompaper) Symantec has reported results for its fiscal fourth quarter to 1 April, with revenues slipping to USD 873 million from 899 million the year before, in line with company guidance. CFO Thomas Seifert also said the company was making significant progress on its USD 400 million efficiency programme, aiming to eliminated stranded costs from the Veritas divestiture, rationalise corporate infrastructure and simplify its Enterprise Security portfolio. During a conference call after the released of its results, Symantec gave more details about the plan, saying it wants to cut about 1,200 positions, or 10 percent of its work force, and close some facilities over the next two year, the Wall Street Journal reported. The move is expected to result in a one-off charge of USD 230-280 million.
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Category:Telecommunications