HardwareUS

Seagate Layoffs

October 2022

Seagate announced a layoff affecting 3,000 employees (8% of its workforce) in October 2022. The company operates in the Hardware sector.

People Affected

3,000

Percentage

Announced Date

Oct 26, 2022

About

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.