Seagate Technology, the consumer and business data storage solutions company has undergone a round of layoffs earlier this week.
Sources related to the matter say the layoffs were long seen coming and have impacted teams across the Globe. The total number of impacted employees is not clear yet.
The Cupertino-based company hasn’t made an announcement yet, though we hear from the impacted employees through thelayoff forum that the company had informed the impacted employees through an email communicating the layoffs on Monday.
The company seems to have credited the layoffs to the revenue slump and to be in line with the future economic guidance. It is also to note that Seagate had laid off 500 employees in the initial phase of the pandemic, across the globe as part of the cost-cutting plan.
Seagate (NASDAQ: STX) is currently being traded at $81.70 down 23% from its all-time highs, but still 60% higher than the pre-pandemic value.