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Novell swings the axe in staff cull

Networking company Novell is to lay off five per cent of its workforce after reporting poor second quarter results.

By Sonya Rabbitte on 23 May 2001 12:30

NEWS Losses of $151.3m - or 48 cents a share - for the quarter ended 30 April mean 260 staff now face the axe. During the same period last year Novell posted earnings of $31m - or nine cents a share. The losses included $142m investment expenses in internet companies including a $100m investment in MarchFirst. Revenue for the quarter was $240.8m down from $302m a year ago, while operating expenses increased $4m to $197m.

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