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.