The bigger they are...
Mainframe and systems integration giant Unisys has been struck down by weakening demand.
For its third quarter, the company saw a huge 51 per cent cut from its profits, which have slumped from $42.9m in the third quarter of last year to $20.9m this year. It has also seen revenue slip 19 per cent from $1.46bn to $1.38bn.
To help cut costs, Unisys will be taking an axe to 3,000 jobs, or 8.1 per cent of its worldwide work force.
The company is blaming delayed company purchases for the slump. Chairman Larry Weinbach added that the outlook for the coming quarter looks uncertain.
The results were announced after close yesterday on the NYSE. At that time, its share price was up five cents at $9.40 a share.