NO LOVE AT SYMANTEC (UPDATED)

Am I Next? Symantec layoffs.

SEPTEMBER 14, 2019 206 MORE LAYOFFS IN CALIFORNIA

Continuing with its planned restructuring, the company has announced the layoffs of 206 employees;152 employees at its Mountain View, California headquarters, 18 in San Francisco, California, and 36 in Culver City, California. Ironically, the Culver City office is located between two major cemeteries.

UPDATE: MORE LAYOFFS IN SPRINGFIELD, OREGON

Symantec has announced that some of the remaining employees in Springfield, Oregon will be laid off in October, 2019 after the sale of the company’s enterprise security division to chip-maker Broadcom in August, 2019 for $10.7 billion.

Original post …

Mountain View, California-based Symantec Corporation, the world’s leading cybersecurity company, has announced it will restructure and reduce its workforce by as much as 8 percent.  Symantec had approximately 11,800 employees in December 2017 and an 8 percent reduction would appear to be up to 944 employees.  In a recent conference call, Symantec’s CFO Nicholas Noviello said that the company plans to record $50 in restructuring costs associated with the reduction-in-force.

Am I Next? Activist Investor at Symantec.

One can only wonder if the changes are being driven by an activist investor, in this case, New York-based hedge fund Starboard Value, LP whose current position is 5.8% of Symantec. The hedge fund is demanding operational improvements to unlock shareholder value and seeking to replace five board members. They claim that the new board members can help Symantec resolve accounting discrepancies brought to light by an employee.

It appears that a Symantec employee has lodged credible allegations regarding Symantec’s historical financial records. The company has notified the Securities and Exchange Commission engaged an independent law firm to investigate. Already the vultures are flocking as one law firm is advertising for Symantec shareholders and has said it was “preparing a class action lawsuit to recover losses suffered by Symantec investors.” 

It appears that Symantec’s core business of supplying anti-virus software to companies and individuals may take a significant hit when users switch to cloud-based solutions where the anti-virus and anti-malware is the responsibility of the service provider and the user’s only interaction with the cloud is with a relatively safe and secure browser.

Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life, or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?