Symantec to Cut Headcount by 1,000

by Christopher Freeburn | January 24, 2013 11:26 am

[1]Antivirus software maker Symantec (NASDAQ:SYMC[2]) announced on Wednesday that it plans to trim its workforce[3], 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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