NetApp to Reduce Workforce

In a SEC filing, dated October 30, 2016, NetApp, Inc. wrote:

NetApp committed to a restructuring and reduction in workforce as a part of its planned transformation efforts to streamline its core business and reduce operating expenses.

In connection with these actions, the company expects to reduce its worldwide headcount by approximately 6%.

The reduction in workforce will be implemented through the end of the fourth quarter of fiscal 2017.

The company expects to incur aggregate charges of approximately $50 to $60 million for employee terminations and other costs associated with the restructuring.

The company expects that most of these charges will be cash expenditures and that it will recognize the majority of these charges in the third quarter of fiscal 2017.