Covad to cut workforce by 8 percent
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(InfoWorld) - As its incumbent rivals get bigger, Internet service provider Covad Communications Group is getting smaller with layoffs of about 8 percent of its employees this quarter. The cuts at Covad, which had 925 employees at the end of March, are intended to make growth businesses such as small-business DSL and wireless broadband more efficient, said company spokesman Michael Doherty. Half of the layoffs are involuntary and half took place through attrition, he said. They will be completed by the end of the second quarter on June 30, at which point the company will have about 850 employees. The cuts, announced Thursday, are across several departments, and most are taking place at Covad's San Jose headquarters, he said. Covad's legacy business of selling wholesale broadband to EarthLink and other competitive ISPs, primarily for consumers, has suffered under price competition from incumbent carriers. Those established players, namely AT&T and Verizon, have grown through industry consolidation over the past few years. However, Covad's own retail offerings for small businesses are growing rapidly, according to Doherty. Last month, the company upgraded its network in 11 markets to offer fat DSL pipes at 8Mbps to 15Mbps downstream and 1Mbps upstream. The company will take a restructuring charge of about $1.5 million in the quarter but expects to save approximately $4 million in the second half of the year as a result of the cutbacks. In the first quarter ended March 31, Covad lost about $14.5 million, or $0.05 per share, while its revenue increased about 2 percent to about $120 million. The company's stock, which has fallen more than 40 percent over the past year, was down $0.05 at $0.86 in Thursday afternoon trading on the American Stock Exchange.
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Colgate-Palmolive Co. CL.N will cut  about 4,400 jobs, or 12 percent of its work force, and close  nearly a third of its factories under a restructuring, the  consumer products company said on Tuesday.
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Electrical systems maker American   Power Conversion Corp. APCC.O said on Friday it will cut 4   percent of its global work force, or about 330 jobs, as part of   an ongoing cost-cutting bid.
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Computer Associates (Quote, Chart) said it would cut 800 employees from its payroll in order to save $70 million per year. The move is part of the Islandia, NY-based management software maker&#39;s plan to streamline operations.
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Colgate-Palmolive Co. (CL.N: Quote, Profile, Research) will cut about 4,400 jobs, or 12 percent of its work force, and close nearly a third of its factories under a restructuring
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(December 10, 2004) - Delphi Corp. said Friday it plans to cut 8,500 jobs â-r 4.6 percent of its total work force â -ldwide next year as part of an ongoing restructuring.
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Colgate-Palmolive Co., the consumer products giant, will close a third of its factories and cut 4,400 jobs, or roughly 12 percent of its worldwide workforce, as part of a
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The company will cut more than 6 percent of its shrinking work force, as part of a plan to improve sagging financial and operational results.
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Computer Associates International Inc.  CA.N will lay off about 5 percent of its work force in an  attempt to cut costs, the Wall Street Journal reported on  Wednesday.
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Switzerland's Novartis AG will slash 2.5 percent of its global workforce, aiming for annual savings of $1.6 billion in 2010 and becoming the latest major drugmaker to undertake a severe restructuring.
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TUI -- Europe's leading tourism and travel group -- said it is planning to cut eight percent of its workforce in Britain by the end of the year in order to boost efficiency.
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Citing a difficult market for home builders, Pulte Homes Inc.  said on Tuesday it would cut 16 percent of its work force.
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ATLANTA - With the merger of AT&amp;T Wireless complete, Cingular is making plans to cut its 68,000-person workforce by 10 percent, the companyâs CEO told The Associated Press on Tuesday.
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Troubled company will trim 5% of work force due to stiff competition, soft business software market. NEW YORK  - Computer Associates said Wednesday it would cut its work force by 800 jobs, or 5 percent
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Cadbury Schweppes said Tuesday it planned to slash 15 percent of its workforce at its confectionery arm following the likely sale of its US soft drinks business.
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Matav, Hungary's biggest telecommunications company, will eliminate 3,750 jobs, representing 25 percent of its workforce, within two years in a cost-cutting measure, the company announced on its website.
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Computer Associates International on Wednesday announced it will shed 800 employees from the company&#39;s worldwide workforce, saving $70 million a year in the process.