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IN BRIEF / TECHNOLOGY

Corvis to Cut 200 Jobs to Save $40 Million

September 18, 2003|From Bloomberg News

Corvis Corp., a fiber-optic networking equipment maker that has never had a profit, will eliminate about 200 jobs, or 14% of its workforce, to save as much as $40 million annually.

Corvis' staff will be reduced to about 1,200 employees, the Columbia, Md.-based company said.

Corvis shares rose 7 cents to $1.52 on Nasdaq.

From Bloomberg News

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