NetApp to cut eight percent of global workforce

NetApp to cut eight percent of global workforce

Customer spending down.

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NetApp is set to cut roughly 960 jobs, or about 8 percent of its global workforce, as the data management firm grapples with tough economic conditions that have crimped customer spending.

The company expects to implement the job cuts largely through the end of fiscal 2023 and incur related charges of about US$85 million to US$95 million (S$112 million to S$124 million) in the third quarter.

US companies have been downsizing and slashing costs to better cope with the global economic downturn after global central banks unleashed rapid interest rate hikes to tackle inflation.

"Companies are facing an increasingly challenging macroeconomic environment, which is driving more conservatism in IT spending. We are not immune to these challenges," NetApp CEO George Kurian said in a letter to employees.

The company had about 12,000 employees as of April 29, 2022.

Earlier in the day, software maker Workday also announced plans to cut three percent of its more than 15,000 staff.

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