Agilent cuts jobs as earnings sink
Agilent Technologies met fourth-quarter expectations, but the supplier of test and measurement equipment and microchip maker announced that it would cut 4000 jobs because of the continued downturn in the economy.
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In addition to the layoffs, the company is consolidating facilities, further reducing information-technology costs and cutting project materials and tooling to help return the company to profitability.
Agilent reported an operating loss of $275 million, or 60 cents per share, for the fourth quarter ending Oct. 31, compared to a profit of $328 million, or 71 cents per share, in the same period a year ago. Net revenue fell to $1.6 billion from $3 billion. Net orders declined 8% from last quarter and 56% from the fourth quarter a year ago.
--Amalia D. Parthenios, staff writer
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© 2012 Penton Media Inc.
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