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Symantec to Cut Headcount by 1,000

Middle-management positions will be targeted in the layoffs


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.

These 4 Companies Aren’t Much Better After Big Layoffs
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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.

Article printed from InvestorPlace Media,

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