Baan plans to slash work force by 20%
Article Abstract:
Baan NV, a software maker in the Netherlands, says it will cut its employee base by 20% and implement changes in senior management. The company also reported a worse-than-anticipated net loss of 16 cents a diluted share for the third quarter of 1998. The employee reductions will involve as many as 1,200 jobs. Baan says it will take a $110-million charge in the fourth quarter of 1998 to pay for severance and other restructuring costs. The move will likely lead to a loss for the full financial year and burden the company's cash flow, according to analysts.
Comment:
Software maker in the Netherlands will cut its employee base by 20% and implement changes in senior management
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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SAP pretax profit tops forecasts, spurring stock
Article Abstract:
SAP AG saw its share value rise by 18% following a series of one-time technical factors and solid demand in Europe. These factors led to higher-than-expected results for the first-quarter of 1999. SAP posted a 1% decline in pretax profits for the period to 172 million euros ($182.9 million). Analysts had forecasted as much as a 30% decline in SAP's pretax profits. SAP is a software giant based in Germany.
Comment:
Posts 1% decline in pretax profits for 1999 first quarter to 172 million euros ($182.9 million)
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1999
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