The company noted that its plan will likely result in pre-tax charges of $62 million, which will be accounted for in its fourth-quarter results this year. It predicts that the job cuts will help it save about $100 million each year.
“This event was off the charts”
Gary Vaynerchuk was so impressed with TNW Conference 2016 he paused mid-talk to applaud us.
The decision follows a sustained decline in demand for its products from PC manufacturers over the past five quarters. PC shipments worldwide went down by 8 percent from figures recorded in 2014.
It’s not the only company to be hit the slump; in April, Intel announced that it would lay off 12,000 employees through mid-2017.