Optical telecommunications equipment maker ONI Systems announced late Tuesday plans to reduce its work force by 16 percent. The company cut its revenue and earnings expectations last September as a reaction to spending cuts by its telecommunications carrier customers.
The maker of gear for telecommunications networks in urban areas now expects revenue between $40 million and $50 million for the third quarter, down from previous estimates between $75 million and $80 million. The San Jose, Calif.-based company also cut fourth-quarter revenue to between $40 million and $50 million vs. earlier projections between $85 million and $90 million. It also expects to post a loss of 17 cents to 21 cents a share for the third quarter, excluding charges. The company will announce earnings Oct. 23.