Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : PSFT - 1999: The "Make-It-or-Break-It" Year? -- Ignore unavailable to you. Want to Upgrade?

To: SemiBull who wrote (1223)	4/23/2003 8:39:42 PM
From: SemiBull	Read Replies (1) \| Respond to of 1274

PeopleSoft to cut jobs, shut site, post charge Tuesday April 22, 7:19 pm ET NEW YORK, April 22 (Reuters) - PeopleSoft Corp. (NasdaqNM:PSFT - News) plans to cut 200 jobs, close a facility and take a second quarter charge of about $12 million as the software maker works to cut costs amid a chronic slowdown in customer spending. Speaking on a conference call with analysts, PeopleSoft Chief Financial Officer Kevin Parker said the business software maker would cut 200 administration and support positions worldwide and shutter its Santa Clara office, moving the employees there to its headquarters in Pleasanton, California. The company said the actions would cause it to take a charge of about $12 million, or 3 cents a share, in the current second quarter. It said it expected to save about $1 million in operating expenses each quarter between now and the end of 2004 as a result of the initiatives. At the same time, it forecast only slight growth in software sales in the second quarter, to between $85 million and $95 million. It said software sales would be flat in the third quarter and show modest growth in the fourth quarter. PeopleSoft also said it expected full year 2003 software sales of $385 million to $400 million and total revenues of $1.9 billion. It said it forecast earnings, before items and charges of 52 cents to 54 cents a share.