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Layoffs Begin As Symantec Cuts $200 Million In Costs
Wanna know what's really scary? I mentioned this to former co-workers of mine. They were unaware of this. My mind boggles.
Oh yeah, Symantec is closing their office in Newport News.
An unspecified number of people were let go Thursday as part of cost-cutting measures first announced in January.
By Sharon Gaudin
InformationWeek
March 15, 2007 06:45 PM
Symantec on Thursday began a series of layoffs that had first been announced in January.
The company announced two months ago that it would reduce its cost structure by $200 million. At the time, the company said it would be making cuts in "a number of areas," including a 5% cut in money paid out in salaries.
A company spokesman said he could not say how many people will be let go but did confirm that the layoffs began on Thursday.
When Symantec made the layoff announcement in January, shares climbed by 4% in early trading the next day. At the time, it was announced that the cost-cutting package was planned to include reductions in new hires, contractor spending and travel, along with facility consolidation and unspecified cuts out of the current workforce.
By Sharon Gaudin
InformationWeek
March 15, 2007 06:45 PM
Symantec on Thursday began a series of layoffs that had first been announced in January.
The company announced two months ago that it would reduce its cost structure by $200 million. At the time, the company said it would be making cuts in "a number of areas," including a 5% cut in money paid out in salaries.
A company spokesman said he could not say how many people will be let go but did confirm that the layoffs began on Thursday.
When Symantec made the layoff announcement in January, shares climbed by 4% in early trading the next day. At the time, it was announced that the cost-cutting package was planned to include reductions in new hires, contractor spending and travel, along with facility consolidation and unspecified cuts out of the current workforce.
Wanna know what's really scary? I mentioned this to former co-workers of mine. They were unaware of this. My mind boggles.
Oh yeah, Symantec is closing their office in Newport News.