Agilent to Cut 4,000 More Jobs
SAN JOSE, Calif. (AP) _ Agilent Technologies Inc., a leading maker of test and measurement equipment, announced a first-quarter loss Friday and unveiled plans to cut an additional 4,000 jobs, or 11 percent of its work force, to reduce expenses.
The Palo Alto-based company, which eliminated 2,500 jobs in November and 8,000 jobs in late 2001, said uncertainty in the economy has continued to weaken demand for its products.
``Our first-quarter results were disappointing,″ said Ned Barnholt, Agilent’s chairman and chief executive. ``Orders were weaker than expected due to a general climate of uncertainty ... Based on these results, we are taking additional aggressive cost-cutting actions to return Agilent to profitability during the second half of this year.″
The company, which was spun off from Hewlett-Packard Co. in 1999, had 35,000 employees before the cuts.
For the three months ended Jan. 31, Agilent lost $369 million, or 24 cents per share, compared with a loss of $315 million, or 68 cents per share, in the same period last year. Revenue fell to $1.41 billion in the first quarter of fiscal 2003 from $1.42 billion last year.
Excluding one-time items, the company lost $109 million or 23 cents per share, compared with a loss of $134 million, or 29 cents per share, last year.
Analysts were expecting a loss of 24 cents per share on sales of $1.4 billion, according to a survey by Thomson First Call.
Shares of Agilent rose 25 cents to $12.85 in early trading on the New York Stock Exchange.
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