Enterprise storage hardware vendor NetApp (NTAP) today announced a new round of layoffs that will reduce its workforce by 12 percent. As of late October NetApp had around 12,300 employees, so the cuts could hit nearly 1,500 employees.
The cuts will result in $60-70 million in extra expenditures, and they should be complete by July 2016, according to a regulatory filing the company released today in association with its quarterly earnings statement.
NetApp competes against the likes of EMC, HP, and Lenovo.
The company reported non-GAAP EPS of 70 cents for the quarter that ended on January 29, beating analysts’ estimates, on $1.39 billion in revenue (analysts were expecting $1.45 billion).
NetApp stock was down more than 2 percent in after-hours trading.