Ciena to Cut Workforce by 650

LINTHICUM, Md., March 28 -- Ciena Corp. is cutting about 650 jobs, or 22 percent of its work force. The cuts follow a reduction of about 400 jobs announced in February.

The company said the latest job cuts would save about $150 million a year but would result in a second-quarter charge of between $125 million and $135 million. Ciena also said it would take a second-quarter charge of between $200 million and $225 million for excess inventory of long-haul transport products and purchase commitments from suppliers.