Storage and caching vendor Network Appliance is the latest technology firm to be hit by the economic downturn, with the company saying this week that it will shed eight per cent of its work force in a bid to cut costs.
Worldwide, about 200 of the 2400 strong work force will be out of a job. The announcement follows a first quarter loss of $513,000. For the same period last year the company earned $5m.
Shares fell $1.23, or nine per cent, to $12.76 on Nasdaq in the wake of the news.
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