Seagate is the world's largest manufacturer of hard drives and storage solutions. The company was founded in 1979 and is based in Scotts Valley.
Seagate Technology is cutting nearly 3,000 jobs and slashing some employees' salaries by as much as 25 percent.
The layoffs announced today represent 6 percent of the company's global workforce of 53,000 and come just two days after Seagate changed chief executives.
The cuts include 800 U.S.-based workers.
In addition to the job cuts, the company's CEO and other top executives will see their salaries slashed by 25 percent. Other employees will see smaller pay cuts.
The firings and salary cuts are expected to save a total of $210 million a year.
The company's shares dropped 23 cents, or 5 percent, to $4.35 in Midday trading.