CORNING LAYOFF: CORNING INC. to cut 4900 jobs citing bad economy

Corning Inc., manufacturer of glass for monitors and telivision screens has decided to eliminate 4900 jobs. Corning has cited bad economy and weakening demand for telivisions and computers as the reason to embark on this cost cutting exercise.
From Reuters:

Corning said it would cut 3,500 workers, or about 13 percent of its workforce, by the end of the year, and left the door open for more reductions if necessary. In addition, it is also cutting more than 1,400 temporary workers.

The company has seen a 65% decline in its net profit in the latest quarterly results.