Symantec Announces Layoffs; 5% Cut Expected
November 1, 2008
Symantec (SYMC: 13.97 -0.78%) is the latest Silicon Valley company to announce layoffs. The Cupertino based software company missed its 3rd quarter earnings and revenue numbers, set the expectation for lower numbers going forward, and announced its intention to scale back headcount expenses by 4.5%.
We have heard that the actual cuts at Symantec will be around 800 employees which would be consistent with that number. The company also announced that it would seek to outsource some of the financial and IT work it currently is handling in-house. Symantec’s stock is hovering at a 5-year low.
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