said Tuesday it will reduce its global workforce by about 3,000 people "as a result of the current business environment."
In a brief statement Tuesday morning, the San Jose, Calif.-based optical network darling said the reductions will be concentrated in its passive component manufacturing operations in San Jose, and Ottawa, Ontario. The company also confirmed its intention to continue hiring for key positions in "high growth product areas," as well as "to aggressively support its new product development strategy."
warned earlier this month of coming earnings shortfalls, adopted an optimistic stance Tuesday. The company gave assurance it remains "confident about its long-term leadership position in the industry" and that its "ongoing prospects remain very positive."
The company, which recently hogged the limelight after completing its merger with optical components maker
, has also suffered some
Shares of the company recently lost $1.38, or 4.2%, to $31.25 early trading on the