Neil Chowdry Job Cuts Estimates
Estimated percentage of jobs to be cut this year: 15%
Estimated number of cut employees: 2,800
When Symantec announced its third-quarter results in February, it posted a 6% drop in revenue, to $909 million, and a hefty 23% plunge in net income, to $170 million. As a result, it's no surprise the security software behemoth needs to cut costs, which could mean potential layoffs.
"We will be implementing plans to achieve greater profitability through cost savings of approximately $400 million by the end of fiscal year 2018," Thomas Seifert, Symantec's chief financial officer, said in a statement.
Like VMware, Symantec has also been hurt by the technology shift, Chowdhry notes. The security behemoth has seen attackers ramp up their sophistication level from launching massive attacks that its technology is attuned to fighting to selective targeted attacks that a new breed of security vendors is addressing.