Data storage company Seagate Technology has laid off 500 employees or one percent of its global workforce in 12 countries.
According to Silicon Valley Business Journal, it wasn’t clear where exactly the job cuts were located.
The company a regulatory filing said the job cuts are intended to drive additional operational efficiencies and better position the company to capitalize on secular growth opportunities driven by increasing demand for mass capacity storage and data management from endpoints to edge to core.
The data storage company said it aims to consolidate its facilities in Minnesota to one location and continue to align resources to better support future growth prospects.
Hitachi Vantara, another data storage company, has laid off 151 employees at its Santa Clara headquarters in the US in February this year.
Spending on storage is estimated to grow at a five-year CAGR of 18.5 percent and reach $5.73 billion, according to an IDC report this month. Spending on computing platforms (servers including accelerators and interconnects) is estimated to grow at a five-year CAGR of 16.2 percent and reach $28.07 billion.
