Seagate Technology PLC said late Wednesday it was cutting 3% of its workforce to save about $100 million a year. Seagate said it plans to cut 1,600 jobs, which will result in $62 million in charges in the fourth quarter, according to a filing with the Securities and Exchange Commission. The company expects cost savings to begin in September, with an estimated annual savings of $48 million in cost of revenue and $52 million in operating expenses. Seagate shares rose 0.2% to $23.99 after hours, following a 6.3% rally in the regular session.
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