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News > Technology
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Ciena in $1.7B 4Q charge
graphic November 12, 2001: 9:22 a.m. ET

Telecom equipment maker to cuts 10% of staff, takes 4Q charge of $1.7B.
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NEW YORK (CNN/Money) - Ciena Corp. said Monday it would cut about 10 percent of its workforce, or 380 jobs, as well as take a $1.7 billion charge in the fourth quarter.

Ciena (CIEN: Research, Estimates), of Linthicum, Md., said the $1.7 billion charge it plans to take will reduce goodwill during the fourth quarter.

Ciena also will take a $5 million to $6 million fiscal first-quarter charge in 2002 associated with the workforce reduction. The workforce reductions will come from Ciena's manufacturing operations, the company said.

Separately, Ciena, which is scheduled to announce 4Q results Dec. 13, expects fourth-quarter revenue of $367.8 million, or 4 to 6 cents a share. Earnings tracker First Call is anticipating 4 cents a share. graphic




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