Compaq warns, cuts jobs
PC maker to cut 5,000 jobs, lower 1Q guidance, take $150M charge
March 15, 2001: 4:20 p.m. ET
NEW YORK (CNNfn) - <font color="#FF0000">Compaq Computer Corp. lowered its first quarter earnings guidance Thursday and plans to cut about 5,000 positions, or 7 percent of its global workforce.</font>
Houston-based Compaq expects to earn 12 cents to 14 cents in first quarter, nearly flat with the same quarter last year's results. Earnings tracker First Call had expected 18 cents per share for the quarter.
Revenues will also come in 4 percent below last year's results, between $9-to-$9.2 billion. Compaq cited continued weakness in the U.S. economy for the shortfall.
Compaq also announced that it plans to take a first quarter restructuring charge of up to $150 million. The company is merging its commercial and consumer personal computer units into a single business group. <font color="#FF0000">The 5,000 job cuts will come from the merged units.</font>
Quelle: http://www.cnnfn.com
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