Networking equipment maker 3Com which employs around 1,000 people in Ireland, said today it was cutting jobs worldwide blaming a downturn in the telecommunications sector and decreased profit margins.
The company said third quarter revenues fell 18 per cent in 2000, to $629.6 million.
"While 3Com has maintained or increased market share in its key segments, these gains were not sufficient to offset the decline in the industry," Mr Bruce Claflin, 3Com president and chief executive, said in a statement.
3Com said it would generate cost savings of $1 billion by the end of its fiscal year through work force cuts, cost containment and other actions. Restructuring costs will be recorded over the next two to four fiscal quarters, it said.
The extent of the jobs cuts was not immediately known.
Earlier this month 3Com doubled its loss estimate for the third quarter, citing slumping telecommunications markets and the slowing economy.