Lexmark Cutting 825 Jobs

Facing a drop in third quarter profits, Lexmark announced it was cutting 825 jobs this month. The job cuts span several areas of the company’s business. Lexmark expects to save $70 million next year and over $100 million in 2011 as a result of the cuts.

Demand is rising for Lexmark products, but restructuring costs have forced profits down. In premarket trading, shares of Lexmark were up $2.08 following the news of the job cuts.