secwatch.observer — SEC 8-K summary
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Issuer:     NetApp, Inc. (NTAP)
CIK:        0001002047
Form:       8-K
Filed at:   2023-01-31T23:59:59+00:00
Accession:  0001193125-23-019739
Event type: other_material
Sentiment:  negative
Materiality: 0.80
Item codes: 2.05, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

NetApp to cut ~8% of workforce; expects $85-95M in restructuring charges
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1002047/000119312523019739/0001193125-23-019739-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1002047/000119312523019739/d395436d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-019739

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer