Network equipment manufacturer 3Com is to cut about 500 jobs, or 8.5 per cent of its workforce, as part of a continuing push to return to profitability.
The cuts are the latest in a long line of layoffs at the company, which has now reduced its headcount by more than half in the last year following huge losses.
3Com cut 1200 jobs in February, 3000 in May and 1000 in September. The cuts announced today will bring the company's headcount to around 5,400, down from 12,000 a year ago.
According to the company, the latest reduction comes as it continues to rationalise its operation in light of the restructuring it began in June last year. It also said it was looking to outsource more of its operations.
3Com split its operations in to three businesses last year, focusing on network infrastructure, network access devices and IP-based products for the telecoms service provider market.
The split will be further underlined by the latest job cuts and transfers, which will also see certain staff and responsibilities moved to each of the three operating units. These include corporate marketing, human resources and finance decision support.
3Com said it is now on target to return to profitability by the end of its fiscal fourth quarter in May.
This is in line with earlier projections and comes after the company posted better than expected results for its second quarter ended in November. But the company did not revise its earnings estimates for the current quarter.
Latest Tesla news: Tesla share price continues to fall after Saudi Arabia's sovereign wealth fund is linked to investment in rival
SEC 'probe' takes its toll on Tesla as new research suggests that Tesla loses $6,000 on every $35,000 Model 3
RTX 280 Ti will come with 11GB of fast GDDR6 video RAM with a 352-bit memory bus offering 616Gbps
The scale of jobs lost to automation will be at least as large as those in the first three industrial revolutions
10nm Cannon Lake Core i3-8121U CPUs make a rare outing with Intel's NUC mini PC