IT investments are down industry wide, and this trend is expected to continue over the next several months. We are taking the steps we feel are necessary to scale our costs to match the current business environment, affirmed Bob Stephens, president and CEO at Adaptec.
Details of the restructuring plan will be announced before the end of the quarter, he added. The goals of the program are to support future growth opportunities, focus on investments that grow top-line revenues, and restore operating margins.
Adaptec also noted that its sequential revenues for the fourth quarter will likely fall short of original projections and be down approximately 15%.
