Value Tumbles at CSC.El Segundo-based Computer Sciences Corp. slashed its profit forecast by 60 percent and warned of up to 900 layoffs as a result of sluggish demand for technology and computer services Data processing (timesharing, batch processing), software development and consulting services. See service bureau, SaaS and ASP. . The announcement sent the company's stock tumbling 40 percent last week, erasing more than $3.5 billion in market value. The company's clients range from the Internal Revenue Service to Nortel Networks (Nortel Networks Limited, Brampton, Ontario, www.nortelnetworks.com) A world leader in telecommunications products, which includes switching, wireless and broadband systems for service providers and carriers, telephones and systems for residential and business users, computer telephony Corp. CSC has helped the royal family of Saudi Arabia Saudi Arabia (sä  `dē ərā`bēə, sou`–, sô–), officially Kingdom of Saudi Arabia, kingdom (2005 est. pop. set up a computer system to track the millions of Muslims who make
pilgrimages to Mecca every year.
To trim costs, CSC said it would cut its staff by 700 to 900 workers, about 1 percent of the company's 68,000 employees worldwide. A CSC spokesman said the layoffs would be spread throughout the company, not concentrated at the company's Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, headquarters. CSC earned $403 million on $9.4 billion in sales in its 2000 fiscal year. |
|
||||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion