Sun Microsystems is planning on axing up to 18% of its staff in a desperation move to survive. Sun’s stock has fallen so quickly that the company’s market value is less than its cash on hand, which has prompted speculation that Sun might be taken over by one of its rivals.

The layoff rumors have been orbiting Sun for awhile along with rumors that CEO Jonathan Schwartz would be ousted. One step down, one to go.

Sunny Micro:

[Yahoo Finance] Sun to cut up to 6,000 workers, 18 pct of staff