CA to cut jobs as profit plunges

Management software firm CA has announced that they are planning to cut as many as 1,700 workers worldwide to increase efficiency.

This came after the company came out with their revenue reports and they registered a downfall of 64 percent in its latest fiscal quarter profits.

CA reported 35 million dollars, or six cents per share, in profit in the quarter ending June 30. This is down massively from profits of 97 million dollars, or 16 cents per share, in the same quarter last year.

CA chief executive officer John Swainson said in a statement on this revenue report: “We are not satisfied with our cost structure and we are implementing an expense reduction plan to improve the company’s efficiency and competitive position. These are the first steps in a long-term program to achieve a best-of-breed cost structure.”

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