Dell to lay off 10 percent of workforce
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Blog: Along with preliminary earnings release, the company announces it will lay off 10 percent of workers to trim costs.
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(InfoWorld) - Dell will lay off 10 percent of its 78,800 workers, in a continuing effort to improve profits as the company also completes an investigation of accounting fraud, it said Thursday. Dell will make the layoffs over the next 12 months, including workers throughout its geographic regions, customer segments, and job functions, the company said in a statement. The move is part of a corporate cost review spanningÂ product developmentÂ and procurement,Â service, and support delivery. While layoffs are difficult, "we know these actions are critical to our ability to deliver unprecedented value to our customers now and in the future," company CEO Michael Dell said in a written statement. The company also announced it made $759 million in profit for the first quarter of its 2008 fiscal year, down slightly from the $762 million it earned for the same quarter last year. Dell reported revenue of $14.6 billion and earnings of 34 centsÂ per share, both well above Wall Street expectations of $13.95 billion in revenue and 26 cents earnings per share, according to analysts polled by Thomson Financial. Despite itsÂ success in beating the financial forecast, Dell also said it had spent $46 million in the last quarter on expenses for the investigation into accounting and financial reporting. Dell began an internal study of its books because of questions raised in 2006 by the U.S. Securities and Exchange Commission (SEC). Dell blamed that situation for its decision to file only preliminary results Thursday, marking the fourth consecutive statement that the company has not filed an audited, official earnings account. Those missing statements have also forced Dell to fight to keep its stock listed on the Nasdaq exchange, which requires all public companies to file audited Form 10-K papers in order to be publicly traded. Dell has already won several extensions of a deadline to supply those numbers, and on May 4 it asked for even more time to meet the conditions.
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NOVEMBER 02, 2004 (IDG NEWS SERVICE) - America Online Inc. plans to lay off 700 employees, about 5% of its US workforce, by the end of the year, several news organizations reported today.
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Dell Inc. on Thursday reported quarterly earnings and revenue that topped analysts' expectations and announced plans to cut about 10 percent of its work force over the next year.
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Dell (Nasdaq: DELL) is giving its corporate customers a break, announcing price cuts on hardware ranging from enterprise servers and workstations, to desktops and notebooks for large business and institutional customers.
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Dell Inc. this week announced that it is in the process of closing its retail kiosks in shopping malls and airports.
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Nortel Networks Corp. NT.TO said on  Thursday it will eliminate almost 10 percent of its workforce,  slightly less than it previously expected, and vacate real  estate in a cost-cutting plan that will save $500 million in  2005.
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Intel Corp. INTC.O said on   Tuesday it is cutting 10,500 jobs, or about 10 percent of its   work force, as part of a plan by the world's biggest microchip   maker to become more competitive.
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Nortel Networks Corp. (NT.TO: Quote, Profile, Research) said on Thursday it will eliminate almost 10 percent of its workforce, slightly less than it previously expected, and
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Delta Air Lines is planning to cut 7,000 jobs, or about 10% of its workforce, as the US carrier fights to avoid bankruptcy.
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The nationâs premier center for plumbing the mysteries of the universe in the tiniest bits of matter is planning to lay off more than 10 percent of its employees.
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Indianapolis, Sept. 8 - The news hit an already suffering industry hard. Delta Airline&#39;s restructuring calls for a reduction of ten percent of its workforce, or about 7,000 people.
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By MATT SLAGLE DALLAS - Dell Inc. said Thursday that earnings fell slightly in preliminary first-quarter results, and the computer maker planned to lay off more than 8,000 employees over the next year as part of an ongoing restructuring.
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European jet maker Airbus revealed plans on Wednesday to axe 10,000 jobs, nearly a fifth of its workforce, as part of a radical cost-cutting scheme to lift the company out of a financial crisis.Comment
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2.0 - 8,000 = more money Dell will decimate its workforce over the next year, eliminating more than 8,000 jobs. The company released word of this restructuring as it dished out first quarter financial results that beat market expectations.â¦
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Electronic Data Systems Corp. (EDS) plans to lay off between 15,000 and 20,000 employees over the next two years as part of an effort to slash $3 billion in costs, the company's Chairman and Chief Executive Officer Michael Jordan said Thursday during a question-and-answer session at a conference.
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Dell Inc. beat Wall Street predictions in its first-quarter earnings report but said it would eliminate 10 percent of its work force over the next year as part of a broad plan to trim costs and become more competitive with rivals.