Shares in US technology firm Agilent Technologies fell 9 per cent after it said it would cut 4,000 jobs die to slowing demand.
The news came last night as Agilent, which bought Dublin based MV Technology for almost $100 million in February, reported a third-quarter loss that was narrower than Wall Street had expected.
Agilent chief executive Mr Ned Barnholt said the company appeared to be "bouncing along the bottom". But he also said any recovery in some of the company's key markets, such as communications and semiconductors, would be "slow and gradual".
"We do believe the turnaround is going to come," Mr Barnholt said. "It's just hard to tell when it's going to happen".
The job cuts amount to 9 per cent of Agilent's global work force of 43,000. The move follows the company's decision in April to cut all employees' pay by 10 per cent.
"This decision is one we don't make lightly," Mr Barnholt said. "This is by far the worst industry downturn I've seen in my 34 years with the company".
Agilent said the job cuts, to come into effect by the middle of next year, will save the company about $500 million a year. The company will take a $200 million restructuring charge.
In the quarter ended July 31st, Agilent reported a net loss of $219 million, compared with a profit of $155 million a year ago. Revenue fell 23 per cent, to $1.8 billion from $2.4 billion.