NetApp, Inc. (NTAP): restructuring charge — NetApp to cut ~8% of workforce; expects $85-95M in restructuring charges

NetApp, Inc.

Workforce reduction of ~8% globally, substantially implemented by Q4 FY2023.
Expects aggregate charges of $85M to $95M, primarily severance and benefits.
Majority of charges expected to be cash expenditures in Q3 fiscal 2023.
CEO George Kurian cites macroeconomic challenges and reduced IT spending.
Realignment aims to sharpen strategy and prioritize growth opportunities.

item 2.05 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

NetApp, Inc. announced a restructuring with charges of approximately $85 to $95 million (approximately 8%).

Type: restructuring
Charge: approximately $85 to $95 million
Headcount: approximately 8%

Exact text from the filing

in workforce is expected to be substantially implemented through the end of the fourth quarter of fiscal 2023. The Company expects to incur aggregate charges of approximately $85 to $95 million consisting primarily of employee severance and benefit costs associated with the restructuring. The Company expects that most of these charges will be cash

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NetApp, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-019739

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