401k match? Base salary? Raises this year?
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What if there were 3 big rifs in 6 months?
@2igr+1lThcmpU .It seems like it's been six years to make a single wafer.
The private jet is rented out when not at use by STX.
HAMR and huge volume next year? How long does it take to make a single wafer?
HAMR shipping in volume next making huge profit
Buy STX Stock!
Seagate Technology Holdings plc STX recently announced another round of layoffs which will affect about 1% of its total headcount or about 480 employees. The new restructuring is expected to be considerably completed by the end of the fourth-quarter fiscal 2023.
This particular action will cost Seagate total pre-tax charges between $55 million and $65 million. This includes cash expenditures between $25 million and $30 million for employee termination costs, and other related exit costs between $5 million and $10 million, along with non-cash charges of nearly $25 million.
Seagate noted that the layoffs will be executed across multiple functions and geographic locations. There will also be some workforce trimming in the company’s Lyve Edge-to-Cloud Mass Storage Platform business unit to reduce Lyve Cloud investment levels in the near-term.
Seagate expects additional restructuring to add further cost savings anad help it to deal effectively with the existing weak macroeconomic environment. From the beginning of fourth-quarter fiscal 2023, the company expects to generate annualized savings from this expanded restructuring plan in the range of $40-$45 million.
In October 2022, the company had announced a restructuring plan to reduce the global workforce by 8% or approximately 3,000 employees, along with other cost-saving initiatives.
Global macroeconomic weakness and inventory adjustments by customers is affecting Seagate’s performance. As a result, the company's hard disk drive (HDD) and non-HDD segments witnessed significant declines in the last reported quarter, with HDD exabyte shipment declining 31%.
Also, the economic slowdown related to COVID-19 in China, along with work down for nearline HDD inventories among domestic cloud and global enterprise clients, significantly affected mass-capacity demand.
However, the company is likely to benefit from its extensive cost-cutting initiatives to better align with changing market conditions and support the company’s long-term business strategy. Also, the company expects secular trends and innovations in driving up aerial density to benefit mass capacity storage.
Any word on what the US severance was in the last round?
Downturn due to Biden handling of Ukrainie and China issue.
@ute+1lThcmpU..Please enlighten us!
It’s going to get so much worse you have no idea.
Even after all this, I don’t see an attitude change in majority of Longmont employees. Still high headed, arrogant and assuming they r tech savvy
- RIF adjustments for this round 4/4 (to get to 480/1%)
- Another layoff in June.
- 100% production stop in April per EVP instruction.
Dividend is payed in full April 5th.
Days of Bonus and pay raises are gone, for now. Unless company can really turn around. Guess whoever asked this has never been in a downturn economy. Time to talk to the older guys, they have seen pay decreases, forced job change to keep job and no increases. Now comes the question, do you bail now or just hang out. Remember a sinking ship does not always float.
Next RIF in the pipeline . Q4'FY23
If you think raises are on the table for this year you haven't been paying attention. And the next thing to cut will be salary.
Mid year bonus for next year???
What mid-year bonus? There was absolutely no chance of a mid-year bonus.
What's next? Pay cut!!
Close sites.
The CEO need to be out!!!!
CEO was in Hawaii using the private jet while Rome is burning.