NetApp Inc. NTAP said Tuesday it is planning a restructuring that will include cutting 8% of its workforce. The cloud data services and data management company had 12,000 employees as of May 29, 2022, according to its 10-K filing with the Securities and Exchange Commission. It expects to book charges of $85 million to $95 million for the costs of severance and other restructuring items. The cuts are expected to be completed by the end of it 2023 fiscal fourth quarter. “Companies are facing an increasingly challenging macroeconomic environment, which is driving more conservatism in IT spending. We are not immune to these challenges,” Chief Executive George Kurian said in a statement. The stock was slightly higher premarket, but is down 24% in the last 12 months, while the S&P 500 SPX has fallen 11%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.