NCR Cutting Up To 2,200 Jobs To Reduce Costs

DULUTH, Ga. (AP) — ATM machine maker NCR Corp. said Thursday it plans to cut up to 10 percent of its global work force — possibly more than 2,200 jobs — to reduce costs after reporting its third-quarter profit tumbled 81 percent.

The company, which also makes retail checkout scanners and self-serve kiosks, also cut its adjusted earnings and revenue forecasts for the year.

NCR, which said in June it was moving its headquarters to Georgia after 125 years in Ohio, said it would cut 5 percent to 10 percent of its work force that currently totals about 22,400 people.

Its shares dropped $1.49, or 12.2 percent, to $10.73 in midday trading.

Chairman and CEO Bill Nuti said in a statement that the recession caused retail customers to keep a closer eye on their spending during the quarter, hurting its performance. But Nuti said cost control efforts, coupled with encouraging talks with customers, could bode well for the fourth quarter and 2010.

"While we will take additional cost reduction actions to right size our enterprise, our early view is that 2010 will be a better year for NCR and for our customers, and should position NCR for moderate growth and margin expansion," he said.