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Seagate Technology will cut 500 jobs

  • Seagate Technology (NASDAQ:STX) plans to reduce its global headcount by approximately 500 employees. The cuts will be substantially completed by the end of FY18.
  • Seagate expects a related pre-tax charge of about $50M.
  • Cost savings will total $65M on an annual run-rate basis. Seagate expects to recognize the savings at the beginning of the March quarter. 
  • Previously: Seagate announces AI-enabled hard disk drive (Oct. 30)

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