Layoffs Begin As Symantec Cuts $200 Million In Costs

An unspecified number of people were let go Thursday as part of cost-cutting measures first announced in January.

Sharon Gaudin, Contributor

March 15, 2007

1 Min Read

Symantec on Thursday began a series of layoffs that had first been announced in January.

The company announced two months ago that it would reduce its cost structure by $200 million. At the time, the company said it would be making cuts in "a number of areas," including a 5% cut in money paid out in salaries.

A company spokesman said he could not say how many people will be let go but did confirm that the layoffs began on Thursday.

When Symantec made the layoff announcement in January, shares climbed by 4% in early trading the next day. At the time, it was announced that the cost-cutting package was planned to include reductions in new hires, contractor spending and travel, along with facility consolidation and unspecified cuts out of the current workforce.

"With a disappointing quarter behind us, we are moving to better align our costs with our new revenue expectations," CEO John Thompson said in a January conference call. "I am confident that we have the right strategy in place. However, we must sharpen our execution."

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