Symantec Cuts 8 Percent Of Workforce Slashes Revenue Forecast

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Symantec Cuts 8 Percent Of Workforce Slashes Revenue Forecast

– Symantec Corp (SYMC.O) will cut 8 percent of its global workforce to boost profit margins, the antivirus software maker said on Thursday, while also lowering its yearly revenue forecast as it closed fewer business deals than expected.

The company’s stock – down some 27 percent this year – fell 10 percent in after-hours trading following the news.

Symantec is also in the midst of an internal investigation related to its accounting practices, and on Thursday the company provided little detail on the subject beyond saying that its most recent financial results were also under the scope of the probe. Shares fell some 20 percent in May when Symantec first disclosed the investigation.

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