Seagate Technology to cut about 6,500 jobs; stock jumps 22%
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Re: Seagate Technology to cut about 6,500 jobs; stock jumps 22%
#2Wow, that's a really huge number of jobs; hopefully everyone lands on their feet.
Re: Seagate Technology to cut about 6,500 jobs; stock jumps 22%
#3 > "The restructuring is expected to cost the company about $164 million in pre-tax charges during fiscal 2017, $82 million of which will be employee termination costs"
$82000000/6500 = $12615
Average severance of 12.6k per employee seems rough.
Re: Seagate Technology to cut about 6,500 jobs; stock jumps 22%
#4> "The restructuring is expected to cost the company about $164 million in pre-tax charges during fiscal 2017, $82 million of which will be employee termination costs" $82000000/6500 = $12615 Average severance of 12.6k per employee seems rough.
Maybe if all of the cuts were in the Bay Area. However the article suggests it's the "manufacturing footprint" in Asia that will be most affected.
Potentially that's not a very bad severance.
Re: Seagate Technology to cut about 6,500 jobs; stock jumps 22%
#5> "The restructuring is expected to cost the company about $164 million in pre-tax charges during fiscal 2017, $82 million of which will be employee termination costs" $82000000/6500 = $12615 Average severance of 12.6k per employee seems rough.
They have workers in many countries so it would depend on where they are happening.
Re: Seagate Technology to cut about 6,500 jobs; stock jumps 22%
#6> "The restructuring is expected to cost the company about $164 million in pre-tax charges during fiscal 2017, $82 million of which will be employee termination costs" $82000000/6500 = $12615 Average severance of 12.6k per employee seems rough.
There's also overhead of managing the terminations, which is likely in that $82m.
Re: Seagate Technology to cut about 6,500 jobs; stock jumps 22%
#7Wow, that's a really huge number of jobs; hopefully everyone lands on their feet.
They won't, though.
Re: Seagate Technology to cut about 6,500 jobs; stock jumps 22%
#8How does this affect Seagate's downwards trending quality?
I got this kind of impression from Backblaze durability statistics, personal experiences have also been bad lately.
I do remember time when Seagate meant quality, but that ended when they bought Maxtor.
Re: Seagate Technology to cut about 6,500 jobs; stock jumps 22%
#9> "The restructuring is expected to cost the company about $164 million in pre-tax charges during fiscal 2017, $82 million of which will be employee termination costs" $82000000/6500 = $12615 Average severance of 12.6k per employee seems rough.
Maybe if all of the cuts were in the Bay Area. However the article suggests it's the "manufacturing footprint" in Asia that will be most affected. Potentially that's not a very bad severance.
I read somewhere that Thailand is currently the world's largest hard drive manufacturer. It is therefore entirely possible that a substantial number of these job cuts with be in Thailand which definitely has dramatically lower salaries than the Bay Area.
source on the Thailand and HDs for those that are interested. This article from 2011 claims that 25% of global HD assembly is in Thailand. http://www.ft.com/cms/s/2/f0f9a234-fb33-11e0-8756-00144feab4...
Re: Seagate Technology to cut about 6,500 jobs; stock jumps 22%
#10Wow, that's a really huge number of jobs; hopefully everyone lands on their feet.
They can still become Uber drivers. Welcome to the YCombinator Economy! :)