Cray Lays Off About 100 As Revenue Falls 65%

KingFishKingFish
edited July 2004 in Science & Tech
Seattle supercomputer maker Cray laid off about 100 employees yesterday as part of a new cost-reduction program and said its revenue fell nearly 65 percent in the second quarter.
The company will have about 825 employees after the layoffs, said Chief Executive Jim Rottsolk. Cray said the reorganization, announced as the company reported its quarterly financial performance, will help cut costs by 20 percent. Analysts had expected to see the company lose only about 4 cents a share in the second quarter, according to Thomson First Call. Excluding acquisition and other charges for the quarter, the company reported a loss of $11.7 million, or 14 cents a share.
Source: Seattle Times
Sign In or Register to comment.