Business & Tech
4Q Revenue Slip Will Lead to Job Cuts at Boston Scientific
As many as 1,000 jobs may be cut as the Natick medical device maker cuts operating expenses.
Boston Scientific has plans to cut as many as 1,000 jobs after fourth quarter revenue was down 44%, according to an Associated Press report carried by MyFoxBoston.
A Boston Scientific spokesman told the Associated Press that the company doesn't know where the cuts will be made yet. This is the second announcement of 1,000 job cuts from the Natick-based company in two years, as in 2011 they announced a restructuring that would include cutting as many as 1,400 jobs.
Earnings last quarter were 18 cents per share, but revenue slipped 1%.
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As of 12 p.m. today, Boston Scientific is trading at $7.23 per share on the NYSE.
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