Sun Microsystems Inc said it will  to cut 6,000 jobs as the company tries to cope with plunging server Sales to financial firms.

The Job cut will eliminate as much as 18 percent of the staff, will shave $700 million to $800 million from annual expenses, Sun said today in an e-mailed statement. The moves will cost as much as $600 million in the next 12 months.

Sun is cutting back to cope with the “global economic realities,” Chief Executive Officer Jonathan Schwartz said. Sun, the fourth-largest server maker, last month posted its second loss in three quarters and said its financial-services customers were curbing orders until they have more liquidity.

Sun, down 77 percent this year before today, dropped 2 cents to $4.06 at 11:44 a.m. on the Nasdaq Stock Market. Once a high- flier in the dot-com era, when Sun traded at $257.25 in September 2000, the stock has been under $5 for two weeks.

By: DocMemory
Copyright © 2023 CST, Inc. All Rights Reserved