NEW YORK (AP) — Medical device maker Medtronic said Tuesday it would cut 1,500 to 1,800 employees after posting a fiscal fourth-quarter profit that plunged 69 percent on slipping sales and restructuring and other charges.
Its adjusted earnings matched Wall Street expectations, but shares fell in morning trading after the company forecast disappointing earnings guidance and announced the layoffs.
The company said it recorded a $27 million restructuring charge cut in connection the jobs cuts, which are aimed at streamlining operations. About 400 employees already have accepted buyout offers and will leave the company by the end of the month.
Company shares fell $1.68, or 5 percent, to $32.28 in morning trading.