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

Samsung Galaxy Fold: Expensive but fragile

USA and South Korea launch the first commercial 5G networks

Deliveries of AR/VR devices to grow by 54% in 2019

Anti-Stall System Got Activated Before Crash In The Ethiopian 737 MAX Craft: Reuters

Google’s Global Council To Advocate On AI Ethics

US wants to send astronauts to the moon by 2024

Apple shows new entertainment services

Large U.S. Study Finds Detection Of Irregular Heart Beat By Apple Watch

Apple to present Netflix competitor at the end of March

Live Human Under-Skin Chip Implantation Takes Place At Barcelona

World Politics

World & Politics

Foxconn Head Gou Could Run For Taiwan President Election Next January

France opposes EU-US trade negotiations

United States and China to implement trade agreement

Norway's largest party to ban oil production near Lofoten Islands

Estonia's euroskeptics are about to join the government

Eastern Europe wins in double food standards fight

White House Received New Sanctions’ Package For Russia: Bloomberg

EU will stop saving migrants in the Mediterranean