Western Digital to slash jobs

Hard-drive maker Western Digital Corp. said Wednesday that it planned to cut 2,500 jobs, or about 5% of its global workforce, and would reduce executive pay in response to weakening demand.

The Lake Forest company said demand for the current quarter was significantly below what it expected when it issued revenue guidance in October. The company now expects fiscal second-quarter sales of $1.7 billion to $1.8 billion, with a “consequent reduction in operating results.”

Its previous sales outlook was $2.03 billion to $2.15 billion. Analysts polled by Thomson Reuters are expecting sales of $1.98 billion, on average.

The company plans to reduce compensation by an unspecified amount for its executive officers, board of directors and senior management.