Items tagged with job cuts
As part of a restructuring plan, Cisco is laying off 5,500 employees, which represents approximately 7 percent of its global workforce. The announcement comes at the tail end of a successful quarter that saw the networking company post a profit of $2.81 billion, or 56 cents a share, up from $2.32 billion, or 45 cents a share in the same period a year earlier. To understand the planned layoffs, a closer look at the numbers is required. Cisco's bread and butter for the past 31 years has been networking equipment, and things like routers and switches continue to bring in the most revenue. However, sales of such devices have started to slip—its routing business dropped 6 percent in the fourth quarter,...
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Following a $1.2 billion accounting scandal that involved fraudulent reporting of fake profits over a seven-year period, Toshiba has gone into a restructuring mode as it attempts to pick up the pieces and regain the trust of its customers and investors. Part of that plan includes the termination of some 6,800 employees. That's nearly a third -- 30 percent, to be exact -- of Toshiba's global workforce. Toshiba hopes to complete the headcount reduction by the end of March next year. Among the job cuts will be around 1,000 corporate jobs as Toshiba looks to "slim down corporate staff functions." As is typically the case in these scenarios, the goal for Toshiba is to streamline its operations with...
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To anyone following the processor wars and PC landscape as a whole, it probably won't come as much surprise that Advanced Micro Devices, a chip designer headquartered in Sunnyvale, California, is reportedly planning to slash its workforce by around 5 percent. That works out to about 500 employees.The last official count from AMD had the company employing 9,469 workers. According to Bloomberg, the forthcoming layoffs are part of a restructuring plan. AMD is looking to streamline its multi-faceted operations and cut costs as it continues to lose market share to rival Intel, the largest semiconductor player in the world.On its next financial report, AMD will record charges of around $42 million...
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Hewlett Packard is getting ready to eliminate as many as 30,000 jobs and likely no less than 25,000 as it splits away from its printer and PC business. All of the job cuts will be associated with the newly formed Hewlett Packard Enterprise (HPE), a separate entity that HP expects will pull in more than $50 billion in annual revenue. "Hewlett Packard Enterprise will be smaller and more focused than HP is today, and we will have a broad and deep portfolio of businesses that will help enterprises transition to the new style of business," said Meg Whitman, who will become President and Chief Executive Officer of HPE after the split. "As a separate company, we are better positioned than ever to meet...
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To cope with a PC market that continues to see declining sales and cut operating expenses, Seagate is reportedly preparing to slash around 1,050 jobs. That amounts to a 2 percent reduction in the company's total workforce, which currently sits at around 52,200 employees.Seagate's bean counters say the layoffs will save the company around $113 million per year. The job cuts will also result in pretax charges of around $53 million. For Seagate, it's simply a numbers game as it puts into motion a restructuring program that it hopes will curb declining profits.The storage maker has seen a drop in sales the past two quarters, which it attributes to weak demand from original equipment manufacturers...
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The tough times continue for Samsung as it reportedly prepares to hand out pink slips to 10 percent of the staff at its headquarters in South Korea. This follows previous rounds of cuts at Samsung in general following a restructuring effort dating back to before the Galaxy S6 and Galaxy S6 Edge launch.According to Bloomberg, which obtained its information from the Korean Economic Daily, the job cuts will be focused on workers in the human resources, public relations, and finance departments. With a headcount of nearly 99,000 at its headquarters, Samsung is looking at eliminating around 9,900 jobs.In addition to laying off employees, Samsung will look at other ways of cutting costs for the coming...
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It's hard to believe that Samsung's future is in question after all the success the South Korean electronics giant has enjoyed the past few years. Yet that's the situation facing Samsung -- following a disappointing quarter in which the company's flagship Galaxy S5 didn't sell as well as anticipated, there's now talk of a major shakeup among management where even co-CEO and mobile boss J.K. Shin could see a demotion. Samsung employees are privy to the situation and are understandably nervous about their own job security, or lack thereof.According to Reuters, Samsung is expected to announce its annual personnel changes early next month, something that's become a sort of ritual for the company....
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Sprint is planning to reduce its workforce by approximately 2,000 employees, or 6.5 percent, a move the company says will save $400 million annually on labor costs. Unfortunately that is what is has come to for Sprint -- looking for ways to cut costs following a dismal quarter underscored by an operating loss of $192 million. Going forward, Sprint's goal is to reduce expenses by $1.5 billion annually. "We have started a transformational journey," said Marcelo Claure, who was appointed CEO of Sprint in mid-August. "While the company continues to face headwinds, we have begun the first phase of our plan and are encouraged with the early results. Every day we are focused on improving our standing...
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Hewlett-Packard, the second largest supplier of PCs in the world, announced financial results for its fiscal 2014 second quarter ended April 30, 2014. The company grew its profits year-over-year by 18 percent to $1.3 billion on $27.3 billion in total revenues, though despite the profit growth, HP said it plans to cut up to an additional 16,000 jobs over those that are already planned. In May 2012, HP outlined a mulit-year restructuring plan to simplify its business model, accelerate innovation, lower costs, and boosts profits. As part of that plan, HP said it would eliminate 34,000 jobs. Having reassessed the situation, HP said it will hand out an additional 11,000 to 16,000 pink slips. Should...
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In a desperate bid to save a sinking ship, Alcatel-Lucent, a global mobile phone manufacturer and telecommunications equipment company, is planning to reduce its workforce by around 10,000 employees by the end of 2015, the firm announced today. The job cuts are part of what Alcatel-Lucent is calling "The Shift Plan," which is an attempt to transform the company by repositioning it as a specialist in the next-generation technologies of IP networking, cloud, and ultra-broadband access. "Everyone knows this plan is the last chance. The company is in a very serious situation," Michael Combes, Chief Executive Officer of Alcatel-Lucent, told Le Monde newspaper, according to Reuters. Combes is the third...
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At a time when consumers are trending towards mobile products like smartphones and tablets, Texas Instruments has decided it can flip a bigger profit by focusing its energies elsewhere. As such. TI is planning to slash 1,700 jobs as it scales back its mobile processor business and transitions to other areas, like cars and smartphones. The planned layoffs add up to almost 5 percent of TI's global workforce and are part of a broader cost-reduction effort. "We have a great opportunity to reshape our OMAP processor and wireless connectivity product lines to concentrate on embedded markets. Momentum is already building with new embedded applications and a broad set of customers, and we are accelerating...
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HP announced more bad news for employees who are already facing massive job cuts: it plans to slash even more positions than expected. That number was a projected 27,000 lost jobs by 2014. Now, reports suggest that the company is eyeballing an additional 2,000 cuts, or 29,000 total slashed jobs by the end of that same forecast period. Amid the restructuring, HP is preparing for Windows 8 and has already announced some interesting new systems with multi-touch screens to take advantage of Windows 8's touch capabilities. This is the upcoming HP ENVY TouchSmart Ultrabook 4. Although HP isn’t giving much explanation for the additional cuts, it doesn’t really need to: the company’s...
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Sony Mobile is letting go of 1,000 employees, or 15 percent of its overall workforce, as the company prepares to relocate its corporate headquarters and certain other functions from Lund, Sweden, to Tokyo, Japan, the company announced today. The goal with all of this is to put Sony Mobile in a better position to bring products to market in a timely manner. "Sony has identified the mobile business as one of its core businesses and the Xperia smartphone portfolio continues to gain momentum with customers and consumers worldwide," said Kunimasa Suzuki, President and CEO of Sony Mobile. "We are accelerating the integration and convergence with the wider Sony group to continue enhancing our offerings,...
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Google might be one of the greatest companies to work for on the planet (if you die while working at Google, your spouse or significant other will receive 50 percent of your income for 10 years, which is just one of many awesome perks at Google), but it's not immune to job cuts. In fact, the Mountain View company announced plans to eliminate 4,000 jobs at its Motorola Mobility division, effectively slashing the venture's workforce by 20 percent. In a regulatory filing today, Google explained the job cuts as necessary to "return Motorola's mobile devices unit to profitability." Google also warned investors that revenue figures are likely to bounce all over the place during the course of the next...
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