EARNINGS : Digital Posts Lower Profit
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MAYNARD, Mass. — Computer maker Digital Equipment Corp. today reported sharply lower earnings of $26.2 million in its recent quarter, down from $150.8 million in the ’89 period.
The company cited a slower business pace in Europe and other parts of the world for the lower profits but said it is encouraged by some improvement in its U.S. business in the quarter. The smaller profits, equivalent to 21 cents a share on sales of $3.09 billion, were dwarfed by last year’s $1.20 per share on $3.13 billion in sales.
Digital said it has initiated a voluntary severance plan aimed at cutting its work force by 5,000 employees in the current fiscal year ending June 30.
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