RealNetworks revealed today that it plans to cut 80 jobs, or about 7 percent of its workforce in an effort to reduce operating expenses.
Another 80 people will be laid off during the next seven months, though the company said it hoped to redeploy many of them when their current assignments end. RealNetworks expects to record a charge of between $2 million and $2.5 million related to the layoffs in the current quarter.
Rob Glaser, who returned to the helm of the online media company in July, said in a companywide e-mail that the layoffs were the first step in the company's plan to reduce costs by $45 million:
Dear RealNetworks Team, I'm writing to provide an update on the progress we've made over the past 8 weeks and to provide some context and information regarding the layoffs that are taking place today. When I came back in as Interim CEO on July 3rd, I said we would focus on 3 things: Reviewing and assessing all of our businesses and new initiatives, Coming up with a go-forward strategy for RealNetworks that would set us up to grow and thrive, and Putting together a plan to stop burning cash and to return the company to profitability. I also said we would move fast, have a bias towards action, and would work hard to complete a... [Read more]
via CNET http://feedproxy.google.com/~r/cnet/NnTv/~3/uglxo0icQh0/
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