NetApp Inc said on Tuesday it would cut more than 960 jobs, or about 8 per cent of its global workforce, because of the tough economic conditions that have hampered customer spending.
The company expects to implement the job cuts through the end of fiscal 2023 and incur charges of around $85 million to $95 million in the third quarter.
U.S. companies have been downsizing and slashing costs to cope with the global economic downturn after central banks unleashed rapid interest rate hikes to tackle inflation.
Companies are facing an increasingly challenging macroeconomic environment, which is driving more conservatism in IT spending. NetApp Chief Executive George Kurian said in a letter to employees that they were not immune to these challenges.
The company had around 12,000 employees as of April 29, 2022.
Software maker Workday Inc has announced it plans to cut 3 per cent of its 15,000 employees earlier in the day.