Seagate Technology announced losses.

The global economic crisis keeps getting worse and claiming more victims. Companies have announced thousands of layoffs. Dozen of companies in the IT business have suffered huge losses or folded completely. Seagate Technology the California based Storage Company is under attack. The Company has just announced that it was laying off 6% or 2950 employees worldwide. It also get downsizing spirit, cutting staff and executives salaries. Seagate Technology (Image courtesy of VentureBeat) has reported that it had a net loss of $496 million or $1.02 a share. According to VentureBeat quarterly revenue was $2.3 Billion. And there’s a big story at Seagate, it’s CEO Bill Watkins and COO Dave Wickersham has just resigned. The current economic crisis has eroded Seagate’s core business; Seagate has already announced they are cutting back on their spending and production capacity. There’s no doubt that business are facing tough challenges but smart companies continued to thrive. Seagate Technology is doing creative works; it’s trying to be flexible enough to cope with the current economic crisis Sphere: Related Content