off-the-wire

Cloud firm NetApp to cut 8% of global workforce amid tech layoffs

Kitco Media
By Reuters
Published:
Updated:
Reuters
Jan 31 (Reuters) - NetApp Inc said on Tuesday it would cut roughly 960 jobs, or about 8% of its global workforce, as the cloud data management firm grapples with tough economic conditions that have crimped customer spending.


The company expects to implement the job cuts largely through the end of fiscal 2023 and incur related charges of about $85 million to $95 million in the third quarter.


U.S. companies have been downsizing and slashing costs to better cope with the global economic downturn after global central banks unleashed rapid interest rate hikes to tackle inflation.


"Companies are facing an increasingly challenging macroeconomic environment, which is driving more conservatism in IT spending. We are not immune to these challenges," NetApp Chief Executive George Kurian said in a letter to employees.


The company had about 12,000 employees as of April 29, 2022. Earlier in the day, software maker Workday Inc also announced plans to cut 3% of its more than 15,000 staff.
(Reporting by Samrhitha Arunasalam in Bengaluru; Editing by Devika Syamnath)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.