Symantec culling 8% of workforce to soak up slow enterprise sales Symantec has announced plans to slash 8 per cent of its global workforce in response to disappointing sales. The security software maker revealed on Thursday that revenues for the quarter ended 29 June fell 1.6 per cent to $1.16bn from $1.18bn a year ago. Losses were pegged at $63m, an improvement on $133m in the same period …
There’s accountant logic for you - sales down 1.6%, losses halved, so they slash 8% of the workforce.
That’ll mean crappier support from god knows which remote location or no support, crappier products eventually or development outsourced to god knows which location.
Norton / Symantec has become an excellent product now the beancounters are going to throw all the good work away.
There’s accountant logic for you - sales down 1.6%, losses halved, so they slash 8% of the workforce.
That's American corporations for you - one bad quarter's results, throw some workers under the wheels to please Wall Street.
But there is some upside, that US companies are more ready to hire when there's a good quarter, if only to build up a layer of workforce that can be sacrificed when times get hard again. Put yourself in the CEO's seat, consider it as problem to be solved logically - if you can't quickly pull a lever when times get hard, YOU are the one that will find yourself out the door.. In the UK, most companies are both more reluctant to fire, or to hire than their US equivalents.
Had the sales rep in a few weeks ago. So Symantec is trying to be this big transformational company with something called "Integrated Cyber Defence" and the "Cloud Generation". Next time the sales rep calls I'll ask her how they are going to make those big changes while shrinking their workforce. LOL, should be fun.
Whichever way you look at this, its got to set off alarm bells... Every week more breaches / leaks / hacks, plus plain stupidity with S3 buckets left wide open. Along with weak IoT devices connected... Yet Symantec is laying off people... Not to sound dramatic, but unless smaller operati1ons come in and take up the slack we're heading towards a security apocalypse imho.
https://www.bloomberg.com/view/articles/2018-07-28/singapore-data-breach-could-hurt-banks-health
Symantec today canceled the employee stock purchase plan when employees were about to buy in at a 52-week low. This will save the company money it had budgeted to sell the stock to employees at the agreed upon discount.
It is anticipated the top performers in the company will be fed up and will move on to other employers. That will reduce the headcount by the expected amount and Symantec will not have to pay any severance packages for involuntary separations.
AC for the obvious reason.
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