Close
  • Latest News
  • Cybersecurity
  • Big Data and Analytics
  • Cloud
  • Mobile
  • Networking
  • Storage
  • Applications
  • IT Management
  • Small Business
  • Development
  • Database
  • Servers
  • Android
  • Apple
  • Innovation
  • Blogs
  • PC Hardware
  • Reviews
  • Search Engines
  • Virtualization
Read Down
Sign in
Close
Welcome!Log into your account
Forgot your password?
Read Down
Password recovery
Recover your password
Close
Search
Menu
Search
  • Latest News
  • Cybersecurity
  • Big Data and Analytics
  • Cloud
  • Mobile
  • Networking
  • Storage
  • Applications
  • IT Management
  • Small Business
  • Development
  • Database
  • Servers
  • Android
  • Apple
  • Innovation
  • Blogs
  • PC Hardware
  • Reviews
  • Search Engines
  • Virtualization
More
    Home IT Management
    • IT Management

    Ciena Cuts Work Force 22 Percent

    By
    Matt Carolan
    -
    March 26, 2002
    Share
    Facebook
    Twitter
    Linkedin

      Optical networking equipment maker Ciena Corp. announced Tuesday that it was laying off 650 employees, or 22 percent of its workforce, effective immediately, in response to the ongoing slump in the telecommunications sector.

      The affected employees will be paid through May 24, 2002 and will be eligible for additional severance packages, said company officials. Laid off workers will receive outplacement assistance and training as well.

      Earlier this year, Ciena announced it was laying off 400 employees, a 12 percent workforce reduction, and closing of its Marlborough, Mass. research facility. In November of last year, Ciena announced it was laying off 380 employees, a ten percent workforce reduction.

      “The telecom equipment market has changed dramatically in the last year and we have to adjust to those changes if we are to maintain our leadership position in the industry,” said Gary Smith, CIENAs president and CEO, in a prepared statement Tuesday.

      Ciena said it expects of see a yearly cost savings of between $145 and $155 million as a result of Tuesdays actions, prior to any related restructuring charges. Ciena estimated those charges to range between $125 and $135 million and to be recorded in the companys second fiscal quarter, to be fully reported in May.

      The company will also see a charge of approximately $200 to $225 million for excess inventory in long-haul transport products and purchase commitments with suppliers, Ciena officials said.

      Avatar
      Matt Carolan

      MOST POPULAR ARTICLES

      Android

      Samsung Galaxy XCover Pro: Durability for Tough...

      Chris Preimesberger - December 5, 2020 0
      Have you ever dropped your phone, winced and felt the pain as it hit the sidewalk? Either the screen splintered like a windshield being...
      Read more
      Cloud

      Why Data Security Will Face Even Harsher...

      Chris Preimesberger - December 1, 2020 0
      Who would know more about details of the hacking process than an actual former career hacker? And who wants to understand all they can...
      Read more
      Cybersecurity

      How Veritas Is Shining a Light Into...

      eWEEK EDITORS - September 25, 2020 0
      Protecting data has always been one of the most important tasks in all of IT, yet as more companies become data companies at the...
      Read more
      Big Data and Analytics

      How NVIDIA A100 Station Brings Data Center...

      Zeus Kerravala - November 18, 2020 0
      There’s little debate that graphics processor unit manufacturer NVIDIA is the de facto standard when it comes to providing silicon to power machine learning...
      Read more
      Apple

      Why iPhone 12 Pro Makes Sense for...

      Wayne Rash - November 26, 2020 0
      If you’ve been watching the Apple commercials for the past three weeks, you already know what the company thinks will happen if you buy...
      Read more
      eWeek


      Contact Us | About | Sitemap

      Facebook
      Linkedin
      RSS
      Twitter
      Youtube

      Property of TechnologyAdvice.
      Terms of Service | Privacy Notice | Advertise | California - Do Not Sell My Information

      © 2021 TechnologyAdvice. All Rights Reserved

      Advertiser Disclosure: Some of the products that appear on this site are from companies from which TechnologyAdvice receives compensation. This compensation may impact how and where products appear on this site including, for example, the order in which they appear. TechnologyAdvice does not include all companies or all types of products available in the marketplace.

      ×