Thursday, March 5, 2009

Finisar Chops Staff, Reduces Salaries

Sunnyvale-based Finisar, a maker of network and fiber optic test systems, said Thursday as part of its quarterly report that it will cut 200 people, or approximately 17% of the firm's workforce. The firm also said it will reduce its salaries by 10%, for officers, directors, and most employees, as of February; and it has also suspended its 401(k) matching. According to the firm, the moves are expected to save it approximately $44M in annual costs. The moves came after the firm reported a revenue decrease to $136.4M, down 14.5% from its preceding quarter's results.