Boston Scientific Announces Big Earnings, Layoffs
Boston Scientific Corp. reported better than expected earnings Thursday.
The Natick-based medical device-maker also said it will cut up to 1,400 jobs through layoffs and attrition.
Boston Scientific stock shot up more than 10 percent in early trading on Wall Street Thursday, after the company released its second-quarter earnings report. The report included notice of a $1 billion stock buyback program.
Buyback programs are often a sign that a company thinks its stock is undervalued and, in this case, investors reacted favorably, driving up the stock price.
The medical device giant did not say where its jobs cuts would come, but said it can save more than $200 million with the restructuring.
This program aired on July 28, 2011. The audio for this program is not available.