Proving that the first cut isn't always the deepest
By Graham Hayday, 27 March 2002 07:50
NEWS Optical equipment maker Ciena is to cut another 22 per cent of its workforce. The announcement comes just one month after it reduced its revenue forecasts for this year. In all, 650 jobs will go, producing annual savings of around $130m. The company will take a charge of up to $360m as a result. Ciena claims to have enough cash reserves to see it through the downturn.
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