NetApp has confirmed staff cuts affecting 960 jobs or eight percent of its global workforce.
The cloud data service company is battling a tricky economic situation that took a toll on customer spending.
The job losses are expected to occur by the end of the fiscal year in 2023.
READ MORE: PAYPAL IS CUTTING 2,000 EMPLOYEES IN A COST-CUTTING DRIVE
CEO George Kurian said: “Companies are facing an increasingly challenging macroeconomic environment, which is driving more conservatism in IT spending.
“We are not immune to these challenges.”
NetApp plans to incur related costs of about $85 million to $95 million in the third quarter.
The global economic slowdown has forced US companies to cut costs and shrink their workforce.
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NetApp employed nearly 12,000 people as of April 29, 2022.
Recently, software maker Workday said it is trimming its more than 15,000 staff by three percent.
IBM and Cisco have also shrunk their workforces in recent weeks.
Source: US News
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