The security software company reported a 25 percent increase in quarterly profit this week, but planned to save around £101 million ($255 million) by cutting the jobs, according to chief executive John Thompson, who broke the news in a conference call with analysts.
The Californian firm plans to cut its “employee cost base” by five percent from the corporate functions that do not have a product development, sales or support function, he said. Engineering and customer facing roles will not be affected by the losses, he maintained.
“With a disappointing quarter behind us, we are moving to better align our costs with our new revenue expectations,” Thompson said in a statement.
“I am confident that we have the right strategy in place; however, we must sharpen our execution.”
Symantec admits job losses
By Fiona Raisbeck on Jan 25, 2007 4:39PM