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Iomega slashes jobs as profits plunge

Storage company loses its zip...

By Aled Herbert

Published: 20 July 2001 07:20 BST

Storage giant Iomega is slashing between 800 and 1,100 jobs worldwide after reporting a second quarter loss of $35.9m, compared with profits of $40m for Q2 2000.

Revenues for the quarter fell 39 per cent to $184.1m, down from the $303.6m it reported 12 months ago. According to reports, the Iomega board recommended shareholders support a one-for-five reverse stock split in an attempt to attract more investors.

The company blamed the drop in revenues on poor sales of its Zip and Jaz storage devices.

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