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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: Zeev Hed who wrote (44136)	3/26/2002 4:00:44 PM
From: puborectalis	Respond to of 99280

Ciena Corp. is cutting about 650 jobs, or 22 percent of its work force, because of the slowdown in the telecommunications industry, the optical networking company announced this week. The trims follow a reduction of about 400 jobs announced in February, which also were blamed on the telecom downturn. The company said Thursday the latest job cuts would save about $150 million a year but would result in a second-quarter charge of between $125 million and $135 million. Ciena also said it would take a second-quarter charge of between $200 million and $225 million for excess inventory of long-haul transport products and purchase commitments from suppliers.