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Major layoffs expected at Novell
Novell appears to have lost a lot of steam in this quarter. The server software company will be undergoing organizational restructuring (read layoffs) of about 20% of its employees after reporting poor revenue and extremely poor net income numbers.
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. Novell is under increasing financial pressure, particularly after 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. The loudest call for reform came from Blum Capital Partners, which owns more than 5 percent of the company's stock. Blum has urged major changes for months, including new top management, a greater emphasis on Linux and sales of several divisions. Credit Suisse First Boston analyst Jayson Maynard also called for major changes in September, including new management.
Posted by | Sat, Oct 22, 2005 - 11:04 AM
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