Seagate cuts 3 percent of its workforce

Posted on Thursday, June 30 2016 @ 13:27 CEST by Thomas De Maesschalck

HDD maker Seagate announced it's cutting 1600 jobs, about 3 percent of its global workforce of 52,000 employees. The job cuts are expected to be completed by the end of this year's September quarter and should result in cost savigns of about $100 million per year.

It's the second round of restructuring in less than a year, in September 2015 the storage firm announced it would cut over 1,000 jobs. The weak PC market and the shift towards solid state storage are to blame for Seagate's woes.

Via: Bloomberg

About the Author

Thomas De Maesschalck

Thomas has been messing with computer since early childhood and firmly believes the Internet is the best thing since sliced bread. Enjoys playing with new tech, is fascinated by science, and passionate about financial markets. When not behind a computer, he can be found with running shoes on or lifting heavy weights in the weight room.

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