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KPMG Consulting's Profits Slide Amid 10% Sales DropKPMG Consulting's Profits Slide Amid 10% Sales Drop
KPMG Consulting Inc. (<a href="http://www.techweb.com/investor/quotes/result?cobrand=IW&symbol=KCIN" target="_blank">KCIN</a>-Nasdaq), hurt by the slowdown in IT spending, has seen a 10% decline in revenue and must lay off 300 to 400 employees. The company reported a net loss of $57.6 million on sales of $608.9 million for the first fiscal quarter ended Sept. 30. Excluding an $80 million noncash charge for a change in ...
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KPMG Consulting Inc. (KCIN-Nasdaq), hurt by the slowdown in IT spending, has seen a 10% decline in revenue and must lay off 300 to 400 employees. The company reported a net loss of $57.6 million on sales of $608.9 million for the first fiscal quarter ended Sept. 30. Excluding an $80 million noncash charge for a change in accounting standards, the company's operating income was $22.3 million for the quarter, down 30% from a year ago.
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