The slowing US economy is continuing to take its toll on vendors as Compaq announced plans to slash 500 jobs, and Oracle expressed caution about its future business predictions.
Compaq’s announcement that it would cut seven percent of its workforce came as it warned that its first-quarter earnings would barely be above those of the same quarter last year.
Meanwhile, Oracle met lowered expectations for its third-quarter results as earnings per share came in at a sixth lower than Wall Street’s original estimates.
The company issued a profit warning earlier this month, which resulted in its stock falling by more than a fifth on the day of the announcement.
More about dotcoms and the current business climate can be found at www.accountancyage.com/Business/1119187.
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