NetApp Plans to Cut 600 Jobs Amid Weak Government Demand - Bloomberg
The staff reduction will result in charges of $35 million
to $45 million, mainly in the quarter that ends April 30, the
Sunnyvale, California-based company said in a filing with the
U.S. Securities and Exchange Commission yesterday.
NetApp’s revenue growth slowed to 1.6 percent in fiscal
2013, compared with an average 22 percent gain the previous
three years, according to data compiled by Bloomberg. On its
third-quarter earnings conference call last month, the company
said a shortfall in federal information-technology spending was
weighing down total revenue, and analysts estimate sales will be
unchanged this fiscal year.
The job cuts will help NetApp focus on strategic
initiatives and streamline “in light of the constrained IT
spending environment,” the company said in the filing.
This recovery is getting better by the day, soon no one will have to work, hey lets go golfing!
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