Seagate Technology PLC said it would cut about 1,600 jobs, or about 3% of its workforce, an announcement that follows disappointing results for the third quarter ended April 1 and a round of job cuts last year.

The Cupertino, Calif., company is a top producer of drives that store data in personal computers, a market that has declined. It has developed products in newer sectors such as cloud storage.

Seagate expected its restructuring moves would cut costs by about $100 million annually. Seagate said it anticipates about $62 million of restructuring charges, primarily in the fourth quarter.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

June 29, 2016 17:15 ET (21:15 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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