: Seagate to increase the number of employees it lays off by 480


Seagate Technology Holdings PLC STX, +3.14% disclosed Wednesday that it is increasing the number of employees being laid off by 480, or 1% of its workforce. The maker of data-storage technologies had said in October that it planned to cut about 3,000 jobs, or 8% of its staff. The company said the latest cuts will be from “multiple functions and locations throughout the company,” and is expected to “result in further cost savings to better navigate the current macro-economic challenges.” The expansion of job cuts should be mostly completed by the end of the fiscal fourth quarter, that ends in June, and is expected to result in charges of between $55 million to $65 million. The stock, which was indicated up more than 1% in premarket trading, has rallied 14.0% over the past three months while the S&P 500 SPX, +1.01% has gained 3.2%.

This article was originally published by Marketwatch.com. Read the original article here.

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