Daily Management Review

Symantec to lay off 8% of staff


08/03/2018


The manufacturer of antivirus software Symantec will lay off 8% of employees in order to improve profitability of the business.



Martin McKeay via flickr
Martin McKeay via flickr
Symantec lowered its annual revenue forecast, as the antivirus company had much less deals than expected. In addition, to increase profitability, the developer intends to reduce 8% of its employees. This year, the company's shares fell by about 27%.

The company is undergoing an internal investigation related to the accounting records. After Symantec reported this, the company's shares fell by 20%. In addition, the developer said that the investigation concerns the latest financial results.

Symantec expects that a reduction in the workforce will reduce spending by $ 115 million per year. "We expect that these actions will partially benefit from operating profit in the fiscal year 2019 and will fully affect the fiscal year 2020," said Symantec Chief Financial Officer Nick Noviello.

According to the latest data, Symantec has more than 13 thousand employees all over the world. As a result of job cuts, about 1 thousand people will lose their jobs.

source: bloomberg.com






Science & Technology

Live Facial Recognition Cameras Will Be Used By London Police

Driverless Vehicle For Its Ride-Sharing Service Unveiled By GM’s Cruise

Amazon will allow customers to pay with palms instead of cards

Complete Computer System For Self Driving Cars Launched By Qualcomm

In A Lifetime We Could Accumulate 20Kg Micro-Plastic In Our Body

Creator Of The First 'Gene-Edited' Babies Of The World Gets 3 Year Jail Term In China

China to deploy giant Beidou global navigation system in 2020

VW Zwickau factory is getting ready for electric cars production

Airbus: Passenger hybrid aircraft to take off before 2035

Ocado To Introduce ‘Mini Robotic Warehouse’ With Standard Productivity

World Politics

World & Politics

US Will Not Give Visas To Pregnant Women To Prevent Organized 'Birth Tourism'

Heads of the European Council and European Commission sign Brexit agreement

UK adds Greenpeace, PETA to extremist organizations list

Indonesia, UAE sign nearly $23B deal

US to respond to Iran’s attacks on US bases in Iraq

Irish Passport issues hit record in anticipation of Brexit

Reporters Without Borders calls to release Julian Assange

IMF allocates Ecuador $ 500 mln more to support reforms