About three thousand people.
Seagate Technology, one of the two largest hard drive makers, said this week that it needed to cut about 3,000 employees, or 7.5% of its current workforce, according to Bloomberg. In a few months, when these measures are fully implemented, Seagate’s operating cost reduction will allow it to save $110 million annually.
Image Source: Seagate Technology
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Seagate ended the quarter with $2.04 billion in revenue, nearly 10% below market expectations. The price of the company’s shares after the publication of financial statements fell by 9%. At the same time, the company had to deal with claims from US regulatory authorities that accuse it of supplying products to a certain Chinese client that fell under sanctions. From unofficial sources it is known that we are talking about Huawei Technologies. According to Seagate representatives, the requirements of the US authorities could not be violated for the reason that hard drives are not subject to export restrictions.