Sonus Culls Staff
11:00 AM -- Sonus Networks Inc. (Nasdaq: SONS) is the latest vendor to cut jobs in an effort to stem losses: The VOIP equipment firm is making 50 staff, about 5 percent of its workforce, redundant, it announced late Thursday. (See Sonus Cuts.)
Sonus said in early November, when it reported a poor third quarter and warned of further sales weakness, it would "rightsize the business to match the market opportunity." (See Slowdown Crunches Sonus.)
This move may be followed by further reductions. Sonus stated it will "continue to monitor and respond to the macroeconomic environment and may initiate further restructuring plans in the future."
The company expects to incur costs of between $850,000 and $950,000 as a result of the job cuts, and reduce its wage and bonuses bill by between $5 million and $6 million a year.
Sonus says it's still hiring to support specific business opportunities.
The vendor's share price slumped nearly 15 percent in late trading Thursday to $1.55, and is down a further $0.09, or 5.8 percent, to $1.46 today.
— Ray Le Maistre, International News Editor, Light Reading
Sonus said in early November, when it reported a poor third quarter and warned of further sales weakness, it would "rightsize the business to match the market opportunity." (See Slowdown Crunches Sonus.)
This move may be followed by further reductions. Sonus stated it will "continue to monitor and respond to the macroeconomic environment and may initiate further restructuring plans in the future."
The company expects to incur costs of between $850,000 and $950,000 as a result of the job cuts, and reduce its wage and bonuses bill by between $5 million and $6 million a year.
Sonus says it's still hiring to support specific business opportunities.
The vendor's share price slumped nearly 15 percent in late trading Thursday to $1.55, and is down a further $0.09, or 5.8 percent, to $1.46 today.
— Ray Le Maistre, International News Editor, Light Reading
