Brocade Communications Systems Inc. (Nasdaq: BRCD) is undergoing another round of layoffs that will trim its headcount by about 9 percent, the company announced today (see Brocade Cuts 9% of Workforce).
The Fibre Channel switch company said it has laid off 115 employees, or approximately 9 percent of its workforce. After the latest round of cuts, Brocade claims its total worldwide headcount will be around 1,200. The company says it will take a one-time charge associated with the layoffs for its second fiscal quarter of 2003 -- but it won't divulge the amount of that charge until it reports its results on May 14.
Last quarter, the Fibre Channel switch company laid off 12 percent of its employees to reduce operational expenses (see Brocade Cleans House and Brocade Swings Hatchet).
"It's a sign of the times," sighs one Brocade insider about today's cuts.
Before Brocade issued its announcement late today, there was confusion about the severity of the most recent layoffs. "I've heard it's nowhere near 20 percent, but then conversely we're hearing that it's 15 to 20 percent," said a Wall Street source, who requested anonymity. "And this is coming from people inside Brocade."
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