Sun Microsystems is slimming down again
Sun Microsystems announced on Tuesday that it will cut 3,000 jobs, roughly 10% of its workforce. How the mighty have fallen! Once omnipotent über-competitor to the likes of Microsoft, IBM and HP, Sun is bracing itself to be swallowed by Larry Ellison’s Oracle. While its market cap reached $190 billion in August 2000, it is today languishing on $6.79 billion, which is even less than the $7.4 billion that Oracle itself committed. As the takeover is being examined by anti-trust regulators in Europe over database software concerns (the deal has already been approved by US authorities), Sun has time to trim its operations. And they’re doing so with gusto.