Sony, Novellus Announce Layoffs

Sony (SNE: 38.76 +1.04%) announced that it will make significant cuts in its workforce and expansion plans. The company announced it will be laying off about 8,000 employees, closing two plants, and outsourcing more work. The company will also layoff about 8,000 temporary workers.

San Jose-based Novellus (NVLS: 23.21 -1.40%) also announced layoffs. The company will trim about 10% of its workforce, or about 350 workers by the end of January. The company is looking to cut operating expenses as its sales and earnings were announced to come in below the low end of analyst’s forecast.

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