Application and server virtualization software maker Citrix Systems says that business began slow last July, but after putting the brakes on costs, it has reported respectable numbers for its fourth quarter.

For the final thirteen weeks of the year, Citrix reported sales of $416m, up 4 per cent, and net income came to $60m, down 4.8 per cent from the prior year. Not so bad. But Citrix also decided to lay off 10 per cent of its workforce yesterday. That tells you how much confidence the company has in the economy and IT spending in 2009.