ByGeorge Ryan|Sep 1, 2020|Industry News, Local Real Estate, News
By Dan Mika — September 1, 2020
SUNNYVALE, Calif. and BOULDER — A companywide layoff at California-based cloud-management firm NetApp Inc. (Nasdaq: NTAP) will likely lead to job losses among its Boulder employees.
In a call with analysts last Thursday, CEO George Kurian confirmed media reports of a 5% reduction in staff to refocus the company on more-profitable sections of the business.
He also confirmed layoffs and restructuring at SolidFire, a formerly Boulder-based producer of flash memory for cloud data centers. NetApp acquired the company in February 2016 for $780 million, but maintained staff and an office in Boulder. SolidFire in 2015 leased 62,000 square feet in PearlWest at 11th and Pearl streets.
“We are narrowing our focus with the SolidFire … portfolio to the high margin parts of the market as we have signaled on prior calls,” he said on the analyst call.
The company declined to specify the number of layoffs or how many employees are at that office when reached by BizWest Monday, but said none of the layoffs are motivated by “corporate-level cost cutting” or by the economic crisis caused by COVID-19.
It also has not filed a mass layoff notice with the Colorado Department of Labor and Employment as of publication time.
NetApp reported a profit of $872 million in the second quarter of the year, an increase of $56 million over the same time period in 2019.