by Christopher Freeburn | January 24, 2013 11:26 am
Antivirus software maker Symantec (NASDAQ:SYMC) announced on Wednesday that it plans to trim its workforce, even as it launches a $1 billion share repurchase program and pays out its first-ever dividend.
Unnamed insiders told Bloomberg that the company will lay off a minimum of 1,000 workers, roughly 5% of its total payroll, but may also add some jobs in its research and development department.
The company also predicted fourth-quarter earnings between 37 cents and 38 cents a share on revenue between $1.7 billion and $1.74 billion. Wall Street had expected a profit of 40 cents a share on revenue of $1.73 billion.
Symantec will return half of its free cash flow to shareholders with a quarterly dividend, which starts in June, and with the new buyback program, which comes in addition to $283 million remaining from a previous plan.
Company officials said job cuts were aimed at reducing its middle-management positions to boost efficiency but declined to provide an estimate of the number of jobs that will be lost.
Shares of Symantec rose fractionally in Thursday morning trading.
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