Cyber security firm FireEye Inc said on Thursday it planned to lay off 300 to 400 of its 3,400 workers as it announced quarterly sales below its own forecast, due to a slowdown in demand for its services helping businesses respond to hacking attacks.
FireEye’s shares were down 16.2 percent at $14.02 in extended trading.
The Milpitas, California-based company also cut its full-year sales outlook.
Chief Financial Officer Michael Berry told Reuters that the job cuts were part of a restructuring effort that will reduce annual costs by about $80 million (roughly Rs. 534 crores).
Chief Executive Kevin Mandia said the company is now responding more frequently to financially driven cyber criminals, who engage in crimes such as ransomware, which are relatively simple to clean up. For the full article click here
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