Compaq Computer last night announced plans to cut 5,000 jobs, 7 per cent of its global workforce, as it lowered its first-quarter 2001 earnings outlook to 12-14 US cents a share.

The company employs about 2,200 people in Ireland at plants in Dublin Cork and Belfast.

Separately, Oracle, the world's second largest software maker which employs about 1,000 people in Dublin, posted third-quarter results in line with lowered forecasts.