IPG Photonics Corp.

Oxford laser manufacturer IPG Photonics reported a $67-million drop in revenue in the quarter ending in June, continuing financial struggles for the company predating the coronavirus pandemic.

Oxford's IPG Photonics reported Tuesday a nearly $66 million, or 21%, drop in first quarter revenue, a figure the laser manufacturer said was at the high end of its expectations during the coronavirus pandemic.

As recently as Feb. 19, stocks were riding high for Central Massachusetts-based public companies and beyond. As coronavirus has spread into a pandemic that's brought much of the economy to a standstill, those stocks have not been spared.

Central Massachusetts businesses with broad geographic reaches are feeling the effects of the spread of coronavirus.

A tough year is in the books for Oxford laser manufacturer IPG Photonics as the company reported a fourth quarter loss.

About a week after the Oxford laser manufacturer announced it would eliminate 300 jobs, a top executive at IPG Photonics sold $290,980 worth of his stock in the company.

Oxford laser manufacturing IPG Photonics’ stock plummeted 13% Tuesday following a disappointing earnings third quarter report in which the company announced it will lay off 300 people from its global workforce.

The U.S. Department of the Treasury has backtracked from its designation of IPG Photonics CEO Valentin Gapontsev as a Russian oligarch after the two sides settled a lawsuit brought by the Russian-born physicist.

The family of Russian-American billionaire and Central Mass. executive Valentin Gapontsev is one of the wealthiest in Russia, according to a new ranking by Forbes magazine. 

IPG Photonics is far behind its pace last year, eporting a 12% decline in revenue and more than a 40% decline in profit for both the second quarter and first half of 2019 amid a challenging geopolitical environment.