MINNEAPOLIS (UPI) -- U.S. medical technology firm Medtronic said Tuesday it would lay off up to 2,000 workers in 2011 to align costs with current market conditions.
In its third fiscal quarter for 2011, which ended Jan. 28, Medtronic said revenues were up 3 percent in the quarter compared to the same quarter a year ago, reaching $3.961 billion compared to $3.851 billion. Net earnings were up 8 percent to $922 million, while earnings per share rose 12 percent to 86 cents.
"We are delivering on our pipeline to drive share in our core markets and strong growth in emerging technologies. At the same time, we are restructuring our business and leveraging our global infrastructure to be more in-line with market conditions, which positions us well to deliver market-leading performance," said Medtronic Chairman and Chief Executive Officer Bill Hawkins.
In its third fiscal quarter for 2011, which ended Jan. 28, Medtronic said revenues were up 3 percent in the quarter compared to the same quarter a year ago, reaching $3.961 billion compared to $3.851 billion. Net earnings were up 8 percent to $922 million, while earnings per share rose 12 percent to 86 cents.
"We are delivering on our pipeline to drive share in our core markets and strong growth in emerging technologies. At the same time, we are restructuring our business and leveraging our global infrastructure to be more in-line with market conditions, which positions us well to deliver market-leading performance," said Medtronic Chairman and Chief Executive Officer Bill Hawkins.
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