The Way Business Is Moving published by
Issue Date: December 2008

SanDisk cuts jobs

18 December 2008

Storage company SanDisk has announced plans to cut its workforce by 10% worldwide in the fourth quarter of 2008, and reduce 2009 operating expenses below $800m in a bid to counter the economic slowdown.
It said it is also reducing its capital expenditure forecast for fiscal 2009 to $900m. It had initially expected to spend approximately $3bn.
In October the company reported a third-quarter net loss of $155,19m, against a profit of $84,63m in the year-ago quarter, on revenue down 21% at $821,49m. The loss was attributed to a $109m inventory-related charge.
Source: Computergram

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