ECI Telecom (Nasdaq:ECIL) (ECIL) intends to cut another 400 jobs after the Jewish holiday season ending in mid-October, estimate sources near the company.
ECI's spokesperson refused to comment.
When announcing ECI's second-quarter results, which showed that cash burn had slowed to $32 million from $190 million in the first quarter, chief executive Doron Inbar stated that the company would not be cutting any more jobs.
The company employs 4,500 people after cutting 1,400 jobs this year in two major waves, the last being in May.
In other cost-cutting moves this year, ECI abolished raises and bonuses, slashed vacation time and placed limits on mobile-phone calls.
ECI stock has sunk from a peak of around $40 in mid-2000 to $2.8. Over the last 52 weeks ECI shares have lost 91%.