ARN

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."

Come socialise with us! Facebook | LinkedIn

More about: EDS, Hewlett-Packard, Symantec

Comments

1

kuektayy

Tue 10/03/2009 - 06:45

xDfhlGqSOHjHa

urU2hN <a href="http://otigguctsvkk.com/">otigguctsvkk</a>, [url=http://gbwqvxyniflg.com/]gbwqvxyniflg[/url], [link=http://hirdtkuiktto.com/]hirdtkuiktto[/link], http://oiifyicymxan.com/

Post new comment

The content of this field is kept private and will not be shown publicly.
Users posting comments agree to the ARN comments policy.
Login or register to link comments to your user profile, or you may also post a comment without being logged in.
Related Coverage
Related Whitepapers
Latest Stories
Community Comments
Tags: lay offs, symantec
ARN Directory | Distributors relevant to this article
Anyware Corporation , Aquion , ASI Solutions , Australasian PC Distributors (APCD) , Australian IT Spares , Avnet Technology Solutions , Dicker Data , Express Data , Express Online , Impact Systems Technology , Lynx Technologies , Synnex Australia , Topstar Computer International , Xpress I.T. , Dynamic Supplies
ARN Directory | Vendors relevant to this article
Symantec
rhs_login_lockGet exclusive access to ARN's news, research and invitation only events.
ARN Distributor Directory
Find distributors by name | vendor | location
Channel Deals
/deals/aca-pacific/442_rimage-trade-in-program-inkjet-to-everest-ther
ACA Pacific

Rimage Trade-In Program - Inkjet-to-Everest Thermal Printing. Ends June 15th, 2012.

More details »
ARN Vendor Directory
Find vendors by name | category

iAsset is a channel management ecosystem that automates all major aspects of the entire sales,marketing and service process, including data tracking, integrated learning, knowledge management and product lifecycle management.