Revenue declined, Symantec cut workers

Sales of the dramatically reduced storage software division led Symantec to announce a plan to lay off workers to save $ 200 million.

The workforce reduction plan was announced yesterday by Symantec after its unexpected financial reports, especially sales of storage software products are at the lowest level in the past.

According to a revenue report released by Symantec on January 24, the company's third-quarter 2007 revenue (ending December 29, 2006) was only $ 1.31 billion ($ 0.12 / share). promissory note). Previously, Symantec expected this quarter's revenue to reach about 1.35 billion USD (0.14-0.15 USD / share).

Last week, Symantec issued a warning about poor business results, and blamed the Data Center Management Group (DCMG) for the software it bought from Veritas in 2005.

According to Symantec, DCMG's revenue has decreased by 8% over the past year, while this division accounts for a quarter of its overall business model.

Symantec's $ 200 million savings plan is implemented by reducing the cost of hiring, merging several offices together, and cutting down on employees.