Compaq has given around 5,000 of its staff their marching orders, blaming the faltering US economy and poor PC sales as the reason.
By Chris Holbrook, 16 March 2001 09:30
NEWS The PC giant said it would take a $125m to $150m charge for laying off around seven per cent of its estimated 67,000 employees worldwide. Compaq also lowered profit expectations from 17 cents a share to between 12 and 14 cents a share for its fiscal first quarter. Michael Capellas, CEO of Compaq, reportedly said: "There will be some extension of the weakness we have seen in the US spreading to Europe."
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