Corning Axes 825 Photonics Workers
The action taken by the company today is consistent with previously announced plans to respond to weaker market conditions. On February 16, 2001, Corning adjusted its previous guidance for its Photonic Technologies businesses from 75% to 90% year over year revenue growth, to approximately 50%. At that time Corning also indicated that it would evaluate the need for workforce reductions. Corning's optical fiber business, where demand has remained strong in the first quarter, is not affected by this announcement.