Cloud Computing: EMC unspecified number of staff face the chop
February 2, 2015
Grazed from Computing. Author: Sooraj Shah.
Technology giant EMC is to cut jobs after it forecast a lower-than-expected profit for the year, but CEO Joe Tucci said that he expects the launch of six new products to bring in more than $1bn (£663m) in revenues in the next few years. Although Tucci did not divulge what the new products would be, he said that they would be focused on cloud, mobile, social and big data.
But EMC staff will be more concerned about the firm’s plans to axe a number of employees. "EMC management approved a restructuring plan," the company said in an SEC filing. "The plan consists of a reduction in force which will be substantially completed by the end of the first quarter of 2015 and fully completed by the end of 2015," EMC added…
Under a section in the filing headed "Cost Associated with Exit or Disposal Activities", the company says: "The plan consists of a reduction in force which will be substantially completed by the end of the first quarter of 2015 and fully completed by the end of 2015. The total charge resulting from this plan is expected to be approximately $130m-$150m, with total cash payments associated with the plan expected to be in the range of $120m-$140m."…
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