IPG Announces Layoffs Following Q3 Earnings Report
OXFORD, Mass., Nov. 1, 2019 — IPG Photonics Corp., a maker of industrial lasers, announced this week that 300 positions will be eliminated from its global workforce. The news follows the release of the company’s third-quarter earnings report. IPG posted $329 million in revenue during the third quarter, or $1.07 per diluted share, compared to $356 million, or $1.84 per diluted share, in the same quarter in 2018. The company began implementing a cost-reduction program in the fourth quarter of last year and