St Jude cuts staff despite profit gains
This article was originally published in Clinica
Executive Summary
St Jude Medical has axed around 200 members of staff to curb its spending, even though it recorded healthy second-quarter results. The company has laid off employees in sales, service and support positions in the US, according to Minnesota-based newspaper the Star Tribune. A spokesperson for the company said that the cuts were “focused on maintaining operating discipline” and were a result of higher-than-expected spending by its US division for the second quarter. St Jude employs around 15,000 people worldwide. The St Paul, Minnesota-based firm recorded revenue of $1.2bn during Q2 2009, a 4% increase on sales during the same period last year. St Jude’s bottom line also increased – net income was up from $192.9m to $219.4m.
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