Quantum Corporation’s hard disk drive group said it will cut as many as 800 jobs and take a $50 million charge in its second quarter in an effort to streamline its production of drives for low-cost PCs.
Quantum said it was making the moves to align its technology and business more closely to the rapidly growing market for personal computers costing less than $700. Company executives blamed the decisions on “destructive pricing pressures” by other disk drive makers to gain market share.
“No one is making any money in the disk drive business today,” a senior company official said.
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