Thndr Claps » U.S. Claps » Tech 📲 » Seagate cutting its workforce ✂️
The ClapSeagate (NASDAQ: STX) plans to cut around 8% of its workforce, representing around 3,000 employees.
The DeetsSimilar to other large tech companies, the company is facing declining demand for its parts, while inflation continues to increase costs facing the company.
The company announced a restructuring plan to significantly reduce costs.
Why this MattersSeagate’s stock is down around 8% following the news.
What NowThe company’s restructuring plan is expected to save approximately $110 million annually.
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