Maxtor Cuts 500 Jobs but Raises Forecasts
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Maxtor Corp. fired 500 workers, or about 4% of its workforce, but said its fourth-quarter sales and profit would exceed prior forecasts.
Sales in the quarter ending Dec. 28 will reach $990 million to $1.03 billion, the maker of computer disk drives said. Profit before expenses relating to an acquisition and the job cuts is expected to be $25 million to $35 million, or 10 to 14 cents a share.
Shares of Milpitas, Calif.-based Maxtor rose as high as $5.45 in extended trading. They closed at $4.61, down 6 cents, on the NYSE.
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