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  • buffet_graham buffet_graham Oct 8, 2012 7:47 PM Flag



    Exclusive: Intel's McAfee security plans layoffs
    Reuters – 1 hour 20 minutes ago

    Symantec CorporationIntel Corporation
    Symbol Price Change
    SYMC 17.76 -0.27
    INTC 22.51 -0.17

    By Jim Finkle
    BOSTON (Reuters) - Intel Corp's McAfee security division is planning to lay off a "small percentage" of its workforce of about 7,100 employees, a company spokesman said on Monday.
    McAfee spokesman Ian Bain said he could not provide more information about the planned job cuts, which the world's No. 2 maker of anti-virus software disclosed in response to an inquiry from Reuters.
    Makers are of security software for personal computers are struggling in the midst of a PC industry slump. They could face increased pressure after October 26, when Microsoft Corp launches its Windows 8 operating software, which will be bundled with free anti-virus software.
    Symantec Corp, McAfee's bigger rival in the anti-virus software market, is in the midst of a strategic review begun in July by the company's new CEO, Steve Bennett, who took over in July after the board fired his predecessor.
    Cris Paden, a spokesman for Symantec, said the company had no job cuts to announce.
    "We evaluate conditions on an ongoing and regular basis and there are no plans as of right now," Paden said.
    Intel Corp acquired McAfee, the world's second-largest security software maker, in February 2011 for $7.7 billion. The division had 7,072 employees as of June 30, according to Bain.
    Intel is scheduled to release quarterly earnings on October 16, while Symantec plans to release its results on October 24.

    Sentiment: Strong Buy

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