Major layoffs at Novell?
Novell is expected to initiate a major round of layoffs that could cut 1,000 or more jobs in an attempt to restore the server software company's financial strength, according to employees familiar with the plan. The layoffs are expected to hit about 20 percent of the company's 5,800 employees and likely will be announced near the end of Novell's fiscal year, which ends Oct. 31, sources said.
Looking at the financial results, the company reported third-quarter results in August in which revenue dropped 5 percent to $290 million and net income dropped 91 percent to $2.1 million.
A net income drop of 91%. Wow…is it time to RIP?