Nearly 300 US-based jobs are to go due to a cash crisis at Internet toy company eToys. The California-based company claims it only has enough funds to last until the end of March. The company has told its 293 staff they will lose their jobs when the 60-day consultation period ends in April. The job cuts follow a disastrous Christmas for the online retailer, which admitted that sales had been half as much as expected.
Web Link www.etoys.com
DaimlerChrysler cut jobs as profits drop
u The German-US motor company DaimlerChrysler has reported a near halving in profits. The troubled car giant's profits fell 49 per cent in 2000 to 5.2bn euros. That figure came despite the fact that they reported a rise in sales of 8 per cent. Last month DaimlerChrysler said it would cut 26,000 US jobs.
Web Link www.daimlerchrysler.com
Profits at Cisco Systems leave Wall Street cold
The computer networks company Cisco Systems has reported an increase in profits of nearly 50 per cent for the past three months. The company's profits rose by 48 per cent, from November 2000 to January 2001, to $1.33bn. Sales rose 55 per cent to $6.75bn. Cisco Systems' chief executive John Chambers hit back at Wall Street analysts' claim that the results fall short of their forecasts. He said, "We remain confident about the market opportunity ahead of us over the next three to five years."