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George Kurian-run Cloud firm NetApp to lay off 8% of workforce
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IANS | 31 Jan, 2023
Indian-origin George Kurian-run Cloud software company NetApp on Tuesday
announced it is laying off 8 per cent of its workforce globally, citing
"macroeconomic challenges and the reduced spending environment" in the
market.
In a filing with the US Securities and Exchange
Commission (SEC), the company said that it will restructure and reduce
the workforce as part of its efforts to realign resources to prioritise
investments against its biggest opportunities in light of the
macroeconomic challenges and reduced spending environment that continue
to impact the company.
"In connection with these actions, the
company expects to reduce its worldwide headcount by approximately 8 per
cent. The reduction in workforce is expected to be substantially
implemented through the end of the fourth quarter of fiscal 2023," it
said.
According to reports, the company employs about 12,000
people globally, so the job cuts are likely to impact around 960
employees.
The company, which has a significant presence in the
Indian market, expects to incur aggregate charges of approximately $85
to $95 million consisting primarily of employee severance and benefit
costs associated with the restructuring.
"Most of these charges
will be cash expenditures and it will recognise the majority of these
charges in the third quarter of fiscal 2023," said NetApp.
In an
internal memo to employees, Kurian said that companies are facing an
increasingly challenging macroeconomic environment, which is driving
more conservatism in IT spending. "We are not immune to these
challenges. Against this backdrop, we must be agile, deliver on our
near-term commitments, while positioning ourselves for long-term
success," he wrote. The San Jose-based company has a market cap of over $14 billion, according to reports.
NetApp
is a global cloud-led, data-centric software company that empowers
organisations to lead with data in the age of accelerated digital
transformation.
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