Revenues declined to $1.41 billion from $1.43 billion. Agilent lost $369 million, or $0.78 a share. In the year-ago quarter, it lost $315 million, or $0.68 a share. Minus certain charges -- including a $257 million goodwill writedown -- its loss was $0.23 a share, or $109 million.
Agilent's aiming for profitability in the second half of this year. To get there, though, it will cut another 4,000 jobs, or 11% of its workforce. It has already let 10,500 people go over the last year in its efforts to cut costs and streamline its business.
The actions should save the company an additional $125 million a quarter, on top of the already achieved $1.25 billion from its previous restructuring moves. Agilent anticipates having a $1.45 billion breakeven cost structure in place by its fourth quarter.
CEO Ned Barnholt painted a bleak picture of the business outlook, from the company's point of view. He said, "Visibility has never been worse," and indicated that he has "no reason to believe" an industry turnaround is imminent.
Agilent is doing what it can here to hang on until the environment improves. It's not pretty, but it's necessary.