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Technology Stocks : Ericsson overlook?

ERIC 9.660

-0.7%

10:36 AM EST

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To: bananawind who wrote (2727)	2/4/1999 1:12:00 PM
From: elmatador	Read Replies (2) of 5390

Wireless communications company Qualcomm said it plans to cut 700 jobs, or about 6 percent of its work force, in an effort to boost profits. The company said the job cuts include about 220 temporary positions. In addition to the 700 job cuts, another 250 positions from the company's infrastructure division have been redeployed to other divisions. Qualcomm said the actions would result in a one-time charge of up to $20 million in its second quarter, ending March 28. "We believe that the current reduction, combined with other cost-cutting measures, is necessary to assure our competitive position in the rapidly growing wireless communications market," Chief Executive Irwin Jacobs said. Reductions were made throughout the company at all divisions and levels. Most of the job cuts were in the wireless infrastructure division, which has been reduced by about 35 percent since the start of fiscal 1999. INFRASTRUCTURE DIVISION MEANS TOWERS, FOUNDATIONS ETC. I'M SNIFFING A RAT IN THIS NEWS. I'M EVEN THINKING TO START PUBLISHING A E-NEWSLETTER FOR DAY TRADERS ON THE TELECOMS SEGMENT. THE TILE: "THE CROOKED TOWER"

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