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






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