Arrow Electronics to Cut More Jobs

Arrow Electronics Inc., the biggest distributor of computer products and electronics parts, said it will cut an additional 1,000 jobs after second-quarter profit plunged 92%.

Earnings fell to $6.95 million, or 7 cents a share, as sales declined 21% to $2.51 billion. Sales of some business computer systems improved slightly at the end of the quarter, Arrow said.

Third-quarter results will be “somewhat worse” than the second quarter’s, the company said, without giving detailed forecasts.

Arrow will consolidate some facilities, delay some projects and reduce discretionary spending, all of which is expected to save $100 million a year beginning this quarter, it said.

The Melville, N.Y.-based company had about 14,000 workers at the end of last year and has cut about 500 positions in the last six months.