Symantec said to be slashing 1,000 jobs in June, 700 more in July

Symantec said to be slashing 1,000 jobs in June, 700 more in July

Summary: Updated: It's been a rough couple of weeks for employees in the tech industry.

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Symantec is said to be letting go of approximately 1,700 employees starting as soon as today, according to AllThingsD.

According to the report, Symantec is cutting roughly 8 percent of its global workforce in two phases: 1,000 going first in June, with another 700 receiving pink slips in July.

The layoffs shouldn't come as much of a surprise, as the security solutions provider first talked about the reorganization strategy back in January amid its third fiscal quarter earnings announcement.

The big target here is middle management.

Symantec's most recent quarterly earnings report was actually better than expected, as CEO Steve Bennett said in May that the company's repositioning has been off to a strong start for the new fiscal year.

He also reiterated last month that Symantec is being reshaped around fewer products for mobility and security, specifying that this would include cutting between 30 percent to 40 percent of its management positions.

Symantec shares were up ever so slightly in after-hours trading, as news of the layoffs spread.

zdnet-symantec-layoffs-stock-quote

It's been a rough couple of weeks for employees in the tech industry.

The report about Symantec's layoffs follows recent major rounds of cuts at IBM on Wednesday, as well as Zynga earlier this month and NetApp in May.

We pinged Symantec for comment, and will update this post when we hear back.

Update: A Symantec spokesperson responded with the following statement:

The number of impacted employees being reported by AllThingsD is pure speculation. As our CEO Steve Bennett publicly stated during our March earnings call, we are not solving for a number, but for the tasks in accordance with our new strategy. We are still in the process of designing the organization and notifying impacted employees, so we cannot share the total number of impacted or remaining employees.

Topics: IT Employment, Security, Symantec, Tech Industry

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9 comments
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  • does anyone sees the hypocrisy here?

    All these CEOs complain to the government about lack of 'talent' and the need to import more foreign workers (like H1-Bs) in the new 'immigration bill' (read amnesty + near slavery labor). But at the same time they are axing jobs as we are in a depression, but with healthy profits this time.
    LlNUX Geek
  • I'm not sure Symantec has a real reason to exist any more

    It's using the antivirus business as a cash cow, but the rest of the utilities business is long gone.
    John L. Ries
    • Huh?

      Ever seen their arsenal of products? http://www.symantec.com/business/support/index?page=products&locale=en_us
      Gisabun
      • Apparently...

        ...we've hit a nerve.

        When Symantec was in its heyday, it was primarily a utilities company (remember the Norton Utilities). It's recast itself as a security company (apparently it even bought PGP from McAfee), but I didn't see anything in the product list I'd actually want to use. I still think that the antivirus business has become a cash cow that Symantec does as little as possible to maintain.

        Apparently, enough other people think that that Symantec has had to resort to layoffs (hopefully, it's not just to inflate the stock price).
        John L. Ries
  • Need to consolidate

    Symantec need to clean up their product profile, stop trying to charge for 1000 different addons, and integrate their products to make it easier to sell, and less confusing.
    Their product price list is bigger than Microsofts and they do far less than the Redmond giant. They have some decent products, but like EMC became lazy thinking they could forever generate annuity revenue through multi-agent maintenance. Their "Cloud" products are merely cloud-washed and need serious engineering effort to fix as well. They still have great potential but need to weild the scalpel hard, and re-focus their engineering teams.
    gr1f
  • I Guess The Dimdows Security Business Isn't Such A Big Gold Mine Any More

    Another effect of the post-PC era?
    ldo17
    • So how much you know

      http://www.symantec.com/business/support/index?page=products&locale=en_us
      There are many here listed with Linux and Mac editions.
      Gisabun
      • Re: There are many here listed with Linux and Mac editions.

        None of which seem to be selling very well.
        ldo17
  • Too many cheaper or free AV alternatives available that are superior....

    Competition is good but apparently not for Symantec.
    5735guy