Symantec Layoffs: Fiscal Year 2020 Staff Cuts Confirmed
Symantec layoffs will impact roughly 7 percent of staff during fiscal year 2020, the cybersecurity company announced today. The company also plans to downsize, vacate or close certain facilities and data centers in connection with the restructuring plan, Symantec disclosed today.
At the same time, Broadcom is acquiring Symantec’s enterprise security business for $10.7 billion, the chip company and cybersecurity software provider confirmed today. The deal does not include Symantec’s consumer Norton LifeLock business, which will continue forward on its own.
Among the questions ChannelE2E is seeking to answer: How will Broadcom…
- staff Symantec’s SMB-focused channel efforts; and
- support Symantec’s MSSP business unit?
We’ll share details when we have them.
Related: List of all technology industry layoffs.
Symantec Security Revenue Challenges
Symantec has struggled on multiple fronts in recent years. Former CEO Greg Clark resigned in May 2019 amid weak enterprise cybersecurity software revenues and intense competition from next-generation endpoint protection rivals — though the company’s latest quarterly results exceeded Wall Street’s expectations.
Executive team departures over the past year have also included Symantec’s CFO, chief operating officer, chief marketing officer and the head of its go-to-market teams, Silicon Valley Business Journal noted in May. Board member Rick Hill has been interim president and CEO of the company since that time.
Symantec had about 1,200 layoffs and job cuts in mid-2016, representing about 10 percent of staff at the time.