As more consumers and companies make the transition from conventional storage devices to the Cloud, Seagate Technology has had a difficult time trying to make a profit. The rapid changes in the storage market have seem to have caught the company off guard. Last July, the company announced it would be cutting 6,500 jobs over the next two years. Just last month, the company said it would be replacing its CEO and cutting 600 jobs.
Chief Operating Officer Dave Mosley will transition to the CEO role, while current CEO, Steve Luczo, will become executive chairman beginning in October. Until recently, the company has remained mum regarding the job losses. However, on August the 3rd of 2017, California received two WARN notifications from Seagate US LLC.
According to the notifications, Seagate will be permanently laying off 95 workers in the state of California. These workers are expected to lose their jobs on September 25, 2017. 44 of the layoffs will impact 44 Cupertino workers. The remaining 51 layoffs will target the company’s Fremont operations. While the company is incorporated in Dublin, Ireland, its operational headquarters is located in Cupertino, California.
Seagate Technology reported 4th quarter and year end 2017 financial results on July 25, 2017. The company reported revenue of roughly $2.41 billion for the last quarter. During the same quarter last year, the company generated $2.65 billion in revenue.