All posts tagged: NetApp

NetApp, a specialist in cloud data management, says it will lay off 8%, or around 960, people, citing economic climate

NetApp, a specialist in cloud data management, says it will lay off 8%, or around 960, people, citing economic climate

[ad_1] NetApp, one of the big players in cloud data management, today announced that it would lay off 8% of its staff, citing “macroeconomic challenges and the reduced spending environment” in the current market. The company is estimated to employ about 12,000 people globally, so this will work out to around 960 people impacted. NetApp said that it would begin the process this quarter and is expected to take a charge of $85 million to $95 million related to that. We have contacted the company to ask which product lines or types of jobs might be impacted. It looks like the cuts will be in multiple geographies, including EMEA and Asia-Pacific. San Jose-based NetApp is listed on Nasdaq and has a market cap of just over $14 billion. Like a lot of tech stocks, NetApp has seen its shareprice rollercoaster over the last year and overall drop in value over that time. Businesses are spending significantly less on IT at the moment, and that has been weighing heavily on tech companies that count them as …