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PeopleSoft to Offer Up 750-1,000 Living Sacrifices

PeopleSoft to Offer Up 750-1,000 Living Sacrifices

During a two-hour presentation to analysts that was webcast after the market closed Thursday, PeopleSoft said it will cut 750 to 1,000 jobs, 7%-8% of its workforce, to contain costs now that it's trying to swallow its $1.8 billion JD Edwards purchase. PeopleSoft originally estimated it would lower expenses by $80 million. Now it's looking at between $167 million and $207 million, according to CFO Kevin Parker. PeopleSoft wants to dazzle its stockholders with a handsome return to hold back Oracle's threatened acquisition. PeopleSoft stock has risen about 15% in the last couple of weeks, putting pressure on Oracle's $7.3 billion bid. PeopleSoft also said it wants to buy back as much as $350 million worth of its stock (5%) by the end of the year to create another obstacle for Oracle and integrate its products with JDE's. The company is expecting to earn 10 cents-11 cents this quarter on sales of $575 million to $590 million and 52 cents-55 cents for the year on sales of $2.15 billion to $2.2 billion. It's projecting 90 cents-95 cents next year on sales of $2.8 billion to $2.9 billion.

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Maureen O'Gara the most read technology reporter for the past 20 years, is the Cloud Computing and Virtualization News Desk editor of SYS-CON Media. She is the publisher of famous "Billygrams" and the editor-in-chief of "Client/Server News" for more than a decade. One of the most respected technology reporters in the business, Maureen can be reached by email at maureen(at) or paperboy(at), and by phone at 516 759-7025. Twitter: @MaureenOGara

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