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JAVA Reduces Headcount
Sun Microsystems Inc. (JAVA - Snapshot Report) declared that it will shed 15% to 18% of its work force, citing the global financial downturn. The Santa Clara-based computer maker expects this headcount reduction to result in annual cost savings of $700 million and $800 million.
Sun also stated that it is dividing its software organization into three business groups: Application Platform Software, Systems Platforms, and Cloud Computing & Developer Platforms.
Shares of Sun are up almost 4% today.
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| Market Summary | Nov 26, 2009 11:23 am ET |
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