Bad News Piles Up as JDS Sets More Firings

JDS Uniphase (JDSU Quote) Tuesday forecast a sharp fourth-quarter earnings and sales shortfall and said it would fire 5,000 workers, or 20% of its staff, in a cost-cutting move.

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Downshifting for a continued slump in the optical component industry, JDS Uniphase said its global realignment will see it vacate 25 buildings and take a restructuring charge between $375 million and $425 million over two or three quarters. The company had said in February that it would shed 3,000 jobs, or 10% of its workforce, but at the time JDS remained confident that business would bounce back in due time. No more. ...