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By | John Leyden 31st October 2008 13:31

Symantec plans layoffs as sales fall short

Ill wind blows forecasts off course

Symantec has announced plans to cut its wage bill by 4.5 per cent in a move likely to means hundreds of people will lose their jobs with the security and storage software firm.

Chief financial officer James Beer also detailed previously announced plans to outsource work done by its IT and finance departments during a conference call discussing disappointing financial results.

Symantec's revenues rose to $1.52bn in the quarter ending 3 October, but this fell short of the $1.54bn analysts were expecting. These problems are likely to persist with Symantec predicting revenues of between $1.45bn to $1.5bn in Q3 against earlier Wall St estimates of $1.61bn.

Shares in the software giant slipped from around $15 to $12.20 on the news.

A Symantec spokesman said layoffs would occur across its global business. Staff affected can expect to be notified starting next month.

During its Managed Fusion event in the Netherlands earlier this month, Symantec boss John Thompson said that it wasn't immune if the economic slowdown creates tough times for its customers, adding that the depth of Symantec's portfolio would help it weather the storm. ®

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