Sun sets for 300
Sun Microsystems is the latest big name to announce job cuts. The vendor is to slash 300 jobs as part of a cost-cutting exercise following a $1 billion drop in its fourth quarter sales.<br>
Sun Microsystems is the latest big name to announce job cuts. The vendor is to slash 300 jobs in a cost-cutting exercise following lower than expected sales, and a $1 billion drop in fourth quarter sales.
Although the layoffs will amount to just 1% of Sun’s 43,000 workers, the economic slowdown has resulted in Sun posting its first loss for 12 years. Although the vendor recorded revenues of $18.25 billion for its fiscal year, up 16% year-on-year, its profits fell by almost half from the same period the previous year.
Sun’s job cuts follow HP’s announcement last week that it will axe 6000 jobs as it tries to combat the economic slump.