Depression times for BPO's?

There has been a lot of cost cutting lately in different call centers/ BPO's but this one article really surprised me... Read below:

Nov. 17 2008
Local outsourcing firm cuts jobs, posts loss as of end-September
LOCAL BUSINESS process outsourcing (BPO) firm Advanced Contact Solutions, Inc. (ACS) has laid off about 900 workers after losing a major US-based client that had gone bankrupt.
The company has posted a net profit loss as of the third quarter due to declining demand for subcontracted work as a result of an ongoing financial crisis in the US and Europe, its parent told the stock exchange on Friday.
Local parent Paxys, Inc. said its unit had lost P100 million for the nine months ending in September from a year earlier due to slowing demand from US clients. It did not provide profit figures for the third quarter.
"[Profits dropped] due to declining business volumes from the ongoing US subprime financial crisis, as well as lingering customer concerns regarding a major US client that recently emerge from [bankruptcy]," Paxys said in a financial report