: Pfizer Inc, the world’s biggest drugmaker, said third-quarter profit rose 26%, beating analysts’ estimates, as it fired workers to cut costs.

Net income increased to $2.88 billion, or 43 cents a share from $2.28 billion, or 34 cents, a year earlier, the New York- based company said today in a statement. Profit excluding certain items was 51 cents a share, beating the 48- cent average estimate of 15 analysts surveyed by Bloomberg.

Revenue declined 3% to $11.6 billion, topping the $11.4 billion estimate of 12 analysts, according to data compiled by Bloomberg. Pfizer completed its $68 billion purchase of Wyeth this month adding the pneumonia vaccine Prevnar and expanding its business into over-the-counter medicines. Pfizer is counting on products gained from Wyeth to help offset losses in two years when generic copies of its top- selling Lipitor cholesterol pill enter the market.

“The Wyeth acquisition has investors focused on the future,” said Catherine Arnold, an analyst with Credit Suisse Group AG in New York, in a research report before the release of earnings. “Pfizer brands are under pressure as expected, illuminating the strategic importance of the Wyeth deal. Cost saving efforts will be Read more…

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BANGALORE: Jobs are slowly returning. Employers have started coming out of their bunkers after a long hibernation and lifting the freeze on hiring.A recovery was visible in July and it became more pronounced during August-September.

Ashok Reddy, MD of staffing firm TeamLease, says the rise in the stockmarket, the improvement in FII and FDI flows and the improvement in themonsoon situation have positively impacted sentiments in industry. Many employers are now back in touchwith their third party headhunters.

There is also a slight improvement in the recruitment ad space. The active job position numbers in TeamLease too are indicative: the firm used to handle as many as 10,000 active jobs a month before themarket crash last year. By June this year, it had dropped to 800 non-active positions. But now again it is up at 3,500 active positions.

Zubin Shroff,MDof TalentManagement Group, says Read more…

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NEW DELHI: In a year that saw the stock markets crash and a serious liquidity crunch halt companies’ expansion plans globally, the number of Indian companies that added new employees were 30% more than those that reduced manpower, according to an ET study.
The sample of 375 public listed companies of which employee data for the year ended March 2009 is available shows that three out of every five companies added people, led by top IT services firms and banks.
The robust domestic demand has been keeping Indian companies busy even as those dependent on exports such as the textile industry have seen mass retrenchment. As many as 200 companies ended the financial year with more staff as against 150 which saw a decline in the number of employees. The remaining firms maintained their workforce during the year. Read more…

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