Seagate

Seagate laid off 480 employees on 2023-03-29.

Seagate Technology, a major hard drive manufacturer, announced plans on Wednesday to lay off approximately 3,000 employees, representing 8% of its global workforce. This restructuring, driven by economic uncertainty and a significant decline in demand for PC and cloud server components, follows disappointing fiscal first-quarter earnings that missed revenue and profit expectations. The company, whose customers include cloud providers facing inventory buildups, aims to complete the cuts by the end of its March quarter, anticipating annual savings of about $110 million. The move highlights broader deterioration in the tech hardware industry after pandemic-driven growth.