Symantec is set to axe eight percent of its workforce after the vendor saw quarterly revenue decline.
The vendor slashed its yearly adjusted revenue forecast from $4.76- $4.90 billion to $4.67- $4.79bn billion.
The redundancies are expected to save Symantec around $115 million each year .
Symantec CFO Nicholas Noviello said: “In fiscal year 2020, our outlook for total company operating margins is in the mid-30s.
“In this fiscal year 2020 operating margin outlook reflects expected revenue growth in both our enterprise security and consumer digital safety segments, as well as a set of cost reduction actions we will take during the remainder of fiscal year 2019.
“As part of these actions, our board has approved approximately $50m of restructuring costs in connection with a plan to reduce company global headcount by up to approximately eight percent.
“We expect that these actions will partially benefit fiscal year 2019 operating margins and will have full effect for fiscal year 2020.”
Symantec’s share price nosedived almost 13 percent when the stock market reopened, meaning the vendor’s share price has now fallen by over a quarter this year.
