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IPG Announces Layoffs Following Q3 Earnings Report

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EMMETT WARREN, NEWS EDITOR
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IPG Photonics Corp., a maker of industrial lasers, announced this week that 300 positions will be eliminated from its global workforce. The news follows the release of the company’s third-quarter earnings report. IPG posted $329 million in revenue during the third quarter, or $1.07 per diluted share, compared to $356 million, or $1.84 per diluted share, in the same quarter in 2018. The company began implementing a cost-reduction program in the fourth quarter of last year and expects to reduce annualized operating expenses by approximately $30 million, according to the report. The...Read full article

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    Published: November 2019
    BusinessIPGhigh-power laserlayoffsChinaEuropeGapontsevLasersindustrialearningslight speed

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