Symantec admits job losses

News by Fiona Raisbeck

Symantec plans to slash up to five per cent of its jobs over the next few months, executives admitted yesterday.

Symantec plans to slash up to five per cent of its jobs over the next few months, executives admitted yesterday.

The security software company reported a 25 per cent increase in quarterly profit this week, but planned to save around £101 million by cutting the jobs, according to chief executive John Thompson, who broke the news in a conference call with analysts.

The Californian firm plans to cut its “employee cost base” by five per cent from the corporate functions that do not have a product development, sales or support function, he said. Engineering and customer facing roles will not be affected by the losses, he maintained.

“With a disappointing quarter behind us, we are moving to better align our costs with our new revenue expectations,” Thompson said in a statement. “I am confident that we have the right strategy in place; however, we must sharpen our execution.”

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