Symantec lays off 8% of its employees

The American company Symantec has announced it will lay off eight percent of its employees, with which it wants to cut costs. The security company is known for its Norton products, among other things.

According to Reuters, Symantec announced the layoffs during the release of its quarterly results, in an interview with analysts. In it, the company said it expects the first effects in its fiscal year 2019 and that the full effect of the reorganization should be felt in 2020. The company expects to save $115 million a year with the layoffs, which translates to about 99 million. euros.

The news agency reports that when Symantec last released its annual results, it listed a total number of more than 13,000 employees in March of 2017. That would mean that a layoff of eight percent equates to around a thousand employees. The company is also engaged in an internal investigation into its accounts.

Symantec lost $63 million in the quarter, compared to $133 million a year earlier, Reuters reported.