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back to article Seagate: Happy Xmas, staff – thanks for everyth... um, you 500. Can we have a word?

Seagate has said it will reduce its global headcount by 500 staffers, not long after its CEO praised all of its employees for continually going "above and beyond". In a statement filed with the SEC – America's financial watchdog – yesterday afternoon, Seagate said it has "committed to an additional restructuring plan to reduce …

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  1. adam payne

    In a statement filed with the SEC yesterday afternoon, it said it has "committed to an additional restructuring plan to reduce its cost structure". It will "reduce its global headcount by approximately 500 employees".

    Announcing this a few weeks before Christmas, seriously?!? You couldn't wait a few weeks?

    In October, Seagate's first-quarter 2018 revenues sank 7 per cent year-on-year to $2.6bn. At the time Mosley said: "Seagate is in a strong position to grow its businesses, improve profitability and to continue with its shareholder-return objectives."

    Fixed that statement for you.

    6 0 Reply
    1. Anonymous Coward
      Reply Icon
      Anonymous Coward

      "Announcing this a few weeks before Christmas, seriously?!? You couldn't wait a few weeks?"

      Facilitating revenue expenditure adjustments by end of play Q4.

      3 0 Reply
  2. Hans 1
    Joke

    "I am honored to have been included in the list but the real heroes are our employees around the world who continually go above and beyond."

    Said he from his yacht in the Bahamas ... I think he forgot the "Happy Christmas!"

    5 0 Reply
  3. Anonymous Coward
    Anonymous Coward

    This is going to continue.

    SSDs (or something better) are going to kill HDD companies. Restructuring or diversifying the business merely delays the inevitable.

    Investors should get out while they can.

    2 1 Reply
    1. Aitor 1
      Reply Icon

      Re: This is going to continue.

      I would say there is plenty of life in HDD companies, as the memory is going up (before it busts, as usual), and HDDs are way cheaper for achiving.

      My guess is that the HDDs will continue to gently go out of fashion tape style.. for example new 320TB LTO tapes are already working in the labs, for example.

      2 1 Reply
  4. Gnoitall
    Devil

    Mighty Seagate Warriors! Good work! Congratulations on Delivering!

    You've earned some time off. So take some time off. Take as much as you'd like, or until you need money again.

    1 0 Reply
  5. IGnatius T Foobar

    SSD

    It makes sense that as the world moves from spinning discs to SSD, the market leaders may change. The future of storage belongs to whoever can churn out the most reliable semiconductors at the lowest price. Look for companies like SanDisk to become the Seagates of the 21st Century.

    2 0 Reply
    1. John Geek
      Reply Icon

      Re: SSD

      re; SSD

      the cruel joke is, SanDisk *WAS* a Seagate company... but they were spun off as part of the LBO privitization 15 or something years ago.

      1 0 Reply
    2. YARR
      Reply Icon

      Have any SSD advocates seen recent market stats to back up (sic) their projections?

      A couple of years ago it was reported that SSD fabs were ramping production to meet demand, with SSD prices remaining stable for the last 3 years. Are sales still rising or is the consumer SSD channel now overstocked?

      0 0 Reply
  6. Captain DaFt

    How to motivate the workforce (NOT!)

    "Hey guys, you're doing such a great job, we can lay X% of you off this quarter, and save millions!"

    "Keep on doing such excellent work! Accounting and HR are really looking forward to the next quarter!"

    1 0 Reply

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