Symantec relieves eight percent of its employees

Aug

3

2018

The American company Symantec has announced that eight percent of its employees will be dismissed, with which it wants to save costs. The security company is known for its Norton products.

According to Reuters , Symantec announced the redundancies during the publication of its quarterly figures, in a meeting with analysts. In it, the company said that it expects the first effects in its fiscal year 2019 and that the full effect of the reorganization must be visible in 2020. The company thinks it will save 115 million dollars a year with the redundancies, which translates to around 99 million. euro.

The news agency reports that Symantec reported a total number of more than 13,000 employees in March of 2017 at the latest announcement of its annual results. That would mean that a dismissal of eight percent would amount to around one thousand employees. The company is also involved in an internal investigation with regard to its accounting.

Symantec made a $ 63 million loss last quarter, compared to $ 133 million a year earlier, according to Reuters.

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