Hewlett-Packard fell short of expectations with its third-quarter results, but executives at the company vowed to post improvements in the current quarter and said they will undertake cost-cutting measures, including 1,300 more layoffs, to achieve their goal.The company posted revenue of US$17.35 billion for the quarter ended in July, up nearly 5 percent from last year but about $100 million below consensus expectations. Earnings totaled $297 million, a vast improvement over the year-ago period, when the computer giant posted a massive loss, but also about $200 million short of expectations."The third quarter is always tough," Fiorina said in a conference call, noting the seasonality of the PC business. "But still, we should have done better. We're confident in our strategy and the actions we're taking."Those actions include the additional 1,300 layoffs and stepped-up efforts to move some operations to lower-cost technology centers, such as India, China and the Philippines. The job … [Read more...] about HP Misses Targets, Plans More Job Cuts
MyPoints.com, Inc. (Nasdaq: MYPT) lost more than half its value in the first few minutes of trading Friday, falling 2 7/8 to 2 after the company announced an expected third-quarter loss and a reorganization that includes job cuts.MyPoints, a San Francisco, California-based company that operates online customer loyalty programs, said it expects a pro forma loss before items for the quarter of $14 million to $16 million, or 39 to 45 cents per share, on revenue of $13.5 million to $14.5 million. Analysts were expecting a loss of 28 cents per share.A year earlier, the company lost $8.3 million, or 40 cents per share.MyPoints has 15 million-plus members, and provides advertisers with e-mail and Web-related advertising products. Like other companies that depend on Internet advertising and marketing, MyPoints was hurt by an industry-wide slowdown in spending in the third quarter. Still, according to chairman and chief executive officer Steve Markowitz, the company continued to grow membership … [Read more...] about Stock Watch: Job Cuts, Q3 Loss Forecast Sink MyPoints
Dot-com job cuts fell to 2,986 in September, the lowest level since July 2000 -- the month that marked the beginning of the dot-com job-cutting spree that has claimed more than 125,000 jobs in 15 months -- according to a report released Monday by executive placement firm Challenger, Gray & Christmas (CGC).September job cuts decreased 39 percent from the 4,899 in August, CGC said, and were lower by 38 percent compared to September 2000, when 4,805 dot-com cuts were announced."The dot-com sector may be stablizing, which would account for the decline in job-cut announcements," CGC chief executive officer John A. Challenger said. "Many of the weakest firms no longer exist, and those once considered the titans of the Internet are trimming payroll and other costs to the bare minimum."July 2000, which saw 2,194 jobs lost, is the month when the dot-com job cuts really started to mount, according to CGC. From July 2000 to September 2001, 126,898 job cuts were announced by … [Read more...] about Report: Dot-Com Job Cuts Reach 15-Month Low
While investor speculation and skyrocketing stock prices dominated during the first half of 2000, falling stock prices and nervous investors long since have become the order of the day, causing many firms to slash their workforce in an effort to steady their financial ships and improve investor confidence.Although layoffs at online firms hit a 15-month low in September, outplacement firm Challenger, Gray & Christmas (CGC), which tracks industry-wide job cuts, estimates that dot-coms have handed out more than 90,000 pink slips this year. The figure for the nine-month period is more than double the number of cuts announced in all of 2000.In the first of a two-part series, the E-Commerce Times examines the impact of these job cuts on the companies that have been forced to make them -- and assesses how the loss of employees will likely result in pivotal operational changes down the road.A spokesperson for Dell Computer (Nasdaq: DELL) -- which in May announced layoffs of between 3,000 … [Read more...] about Tech Firm Job Cuts: Boon or Bust?
The number of dot-com job cuts fell for the second month in a row and reached the lowest point since November, according to a report released Tuesday by Chicago, Illinois-based executive search firm Challenger, Gray & Christmas (CGC).CGC reported that 31 percent fewer employees got pink slips from their dot-com employers in June than in May. A total of 9,216 job cuts were reported in June, compared to 13,419 in May."I feel like we are nearing the back end of the shakeout," CGC chief executive officer John A. Challenger told the E-Commerce Times.However, Challenger added that there would always be job cuts as the sector continued to grow and mature."The larger dot-coms, many of which are virtual extensions of brick-and-mortar businesses, have been able to survive -- albeit tenuously -- due to the life support provided by the primary, Old Economy division of the company," Challenger said. "However, these larger dot-com (and) Old Economy companies have been unable to escape the … [Read more...] about Report: Decline in Job Cuts Could Signal End of Dot-Com Shakeout