In the Q3 earnings conference call, CEO John Thompson announced an earning shortfall and as is the case most of in these cases, announced a layoff of 800 employees (4.5%) in order to meet Wall St. earnings estimates for the next quarter – it’s always easier to cut your way to profitability than it is to grow sales.   The good news is that CEO Thompson will get his bonus….($1.68M on top of his $800K salary).  Mr. Thompson has made a $71.84M in the last 6 years as CEO of Symantec.  Has anybody thought of reducing the executive salaries to save a few jobs?

In another cost cutting move, the company will also be transferring it’s IT operation and finance operations and employee to HP’s Electronic Data Systems.   It will be comforting for Symantec employees to hear that last month HP laid off a massive 24,600 employees when it acquired EDS.  Symantec employees better start practicing “Do you want fries with that?”

Update: Symantec competitor McAfee in their Q3 conference call announced record sales (and no layoffs).


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