- Corning Plans More Job Cuts
CORNING, N.Y., April 30 -- Fiber optics maker Corning Inc. reportedly is eliminating 1000 jobs on top of 3300 already targeted in recent weeks. The latest cutbacks were announced late last week as Corning reported a first quarter net profit of $132 million, or 14 cents per share, up 71 percent from $77 million, or 9 cents per share, in last year's first quarter.
Sales rose 42 percent to $1.92 billion from $1.35 billion a year ago. Most of the latest cuts will be made at its photonic technologies plants near Corning, N.Y., Scranton, Pa., Bedford, Mass., and Rochester, N.Y. In all, 2500 jobs will be slashed at those factories, which make components designed to boost or redirect transmission of data traveling long distances very fast.
Corning said it is eliminating the 4300 permanent and temporary jobs by the end of April because of a softening in the telecommunications market. The company draws about three-quarters of its revenue from optical networking products. Sales of optical fiber grew 25 percent over last year's first quarter. Photonic components sales jumped 28 percent for the year, but fell 32 percent compared with last year's fourth quarter.
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